Reinsurance News
Travelers
Travelers’ investment in Fidelis includes quota share arrangement
24th January 2023
US primary insurer Travelers has disclosed that its investment in Fidelis includes a 20% quota share arrangement, which its management says will allow the firm to "participate in the hard market." Travelers made a strategic minority investment in Bermudian re/insurer Fidelis in July of 2021, which came into effect on ... Read the full article
Travelers drops agg reinsurance cover, raises per-occurrence attachment
24th January 2023
US primary insurer Travelers has disclosed details of its reinsurance renewals for 2023, which include a higher attachment point for its occurrence catastrophe excess-of-loss (XoL) program, as well as the apparent non-renewal of its aggregate catastrophe cover. The company reports that it raised the attachment point for its per-occurrence treaty by ... Read the full article
Travelers sees 39% decrease in net income for Q4
24th January 2023
Primary insurance group The Travelers Companies Inc. has reported a 39% year-on-year decrease in net income to $819 million for the fourth quarter of 2022, compared to $1.33 billion from the same period last year. Notably, net income for the full year also fell by 22% to $2.84 billion, compared to ... Read the full article
Catastrophe losses nearing agg trigger for Travelers as CEO sees exceptional underlying results
17th January 2023
U.S primary insurer Travelers has pre-announced estimated catastrophe losses of USD 459 million pre-tax (USD 362m after-tax), net of reinsurance, for the fourth quarter of 2022, but still expects to report an underlying, pre-tax underwriting gain of USD 723 million (USD 571m after-tax) for the period. Catastrophe losses for Q4 2022 ... Read the full article
Hurricane Ian erodes more of Travelers’ aggregate reinsurance retention
19th October 2022
U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian in the third quarter. This morning, Travelers reported a strong set ... Read the full article
Travelers reports solid Q3 with stronger combined ratio despite hurricane Ian
19th October 2022
Primary insurance group The Travelers Companies, Inc. has reported a 31% year-on-year dip in net income to $454 million for the third quarter of 2022, but despite experiencing a higher catastrophe load in the period, driven by hurricane Ian, the firm's underwriting return for the period increased by $40 million. Quarterly ... Read the full article
Top 20 U.S. cyber insurers all saw premium growth in 2021
6th October 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article
Cyber continues to top Travelers Risk Index
29th September 2022
For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article
Google and Travelers’ team up on ‘connected data ecosystem’
22nd September 2022
Google Cloud and Travelers' are to work together on a ‘connected data ecosystem’ that the two say will enhance the commercial insurance underwriting process. The partnership between the firms will, they said in a statement, will quickly synthesise vast amounts of information, helping Travelers' underwriters more efficiently evaluate risks for large-and-middle-market ... Read the full article
Travelers Syndicate 5000 gets ratings downgrade
3rd August 2022
Syndicate Research Limited (SRL) has downgraded the B^ (Average), negative outlook, Continuity Opinion of Lloyd's syndicate 5000 (Travelers Syndicate Management Limited) to B-^ (Below Average). SRL explained that the downgrade was made in light of the syndicate’s underperformance relative to its B (Average) peer group in recent years, and assigned a ... Read the full article
Catastrophe losses erode almost half of Travelers’ aggregate reinsurance retention
22nd July 2022
US primary insurer Travelers accumulated $935 million of qualifying losses towards the aggregate retention of its $2 billion property catastrophe reinsurance treaty during H1 2022, according to the company's Chief Financial Officer (CFO), Dan Frey. Yesterday, Travelers announced a decline in net income for the second-quarter on the back of ... Read the full article
Travelers upsizes northeast catastrophe reinsurance by $100m at July renewal
21st July 2022
US primary insurance carrier Travelers has grown the size of its main Northeast Property Catastrophe Excess-of-Loss Reinsurance coverage by $100 million at the July 1st, 2022, reinsurance renewals, as the firm saw price increases aligned with those seen on its inwards book. For 2022, the Northeast Property Catastrophe reinsurance agreement sees ... Read the full article
Travelers Q2 income sinks 41% to $551m
21st July 2022
US primary insurer Travelers has reported net income of $551 million for the second quarter of 2022, which represents a 41% decrease on the $934 million recorded in the same period last year. Travelers explained that its core income decreased primarily due to higher catastrophe losses, lower net investment income and ... Read the full article
Materiality of ESG factors beneficial for insurers
28th June 2022
Environmental, social and governance (ESG) factors are material for insurers to consider, act on, and transparently report according to panellists speaking at the S&P insurance conference. Yafit Cohn, chief sustainability officer, and group general counsel for The Travelers Cos. Inc., and Maryam Golnaraghi, director of climate change and environmental topics at ... Read the full article
Travelers erodes almost 9% of aggregate reinsurance retention
20th April 2022
US primary insurer Travelers reported that it’s eaten through almost 9% of its catastrophe aggregate reinsurance retention in the first-quarter of 2022, as the firm accumulated $175 million of qualifying losses. Back at the January reinsurance renewals, Travelers shrunk its aggregate coverage, with tighter terms due to market conditions and ... Read the full article
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