Insurance Trade Group Adopts New Name to Reflect Dual Services

July 18, 2013

The name has changed, but the mission remains the same.

Known as Property Loss Research Bureau since 1968, this year the not-for-profit insurance industry trade organization based in Downers Grove, Ill., became the Property & Liability Resource Bureau.

Same acronym, different association name.

The reason for the change is an attempt to better recognize the dual property and liability focus of the organization. The switch was prompted by a suggestion from one of the Directors on PLRB’s Board of Directors last fall.

In response to that suggestion, a committee of Directors embarked on a search for a new name and quickly determined that the new name should retain the same acronym to preserve name recognition and make the transition smoother.

For legal and contractual purposes, the association’s “true name,” the name shown in PLRB’s articles of incorporation, will remain Property Loss Research Bureau for the foreseeable future. But you’ll see PLRB referred to as Property & Liability Resource Bureau just about any time you see a mention of PLRB.

The association is going to keep the same logo format. But that familiar logo will be associated with the new name via new artwork, currently in the works.

The story of PLRB’s name begins with the group’s former name, Mutual Loss Research Bureau. It was changed to Property Loss Research Bureau in 1968 because stock insurers had joined; thus, it no longer served mutual insurers exclusively.

In 2004, the Property Loss Research Bureau officially applied for, was granted the right to use, and adopted the assumed name of Liability Insurance Research Bureau. Since that time, the association had been doing business as both Property Loss Research Bureau and Liability Insurance Research Bureau, both separately and together.

To make the transition as easy as possible for members, the association will be gradually phasing out the Liability Insurance Research Bureau name. The new name, Property & Liability Resource Bureau, is now the official moniker for the not-for-profit trade association that provides both property-insurance-related services and liability-insurance-related services.

Source: PLRB

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