Reinsurance News
Travelers
Travelers increases catastrophe XoL reinsurance cover by over $1.5bn at 1.1 renewal
19th January 2024
US primary insurer Travelers decided to increase the size of its catastrophe excess-of-loss (XoL) reinsurance treaty at its January 1st, 2024, renewal, with the 2024 tower extending up to $3.525 billion of qualifying losses, compared with $2 billion in 2023, while the retention is unchanged year-on-year. Alongside the release of its ... Read the full article
Travelers expands cyber capabilities with acquisition of Corvus Insurance
3rd January 2024
Property and casualty insurer, The Travelers Companies, Inc. has completed its previously announced acquisition of Corvus Insurance Holdings, Inc. As stated in the announcement in November 2023, Travelers acquired the cyber insurance managing general underwriter for approximately $435 million. Travelers had previously disclosed that it would fund the transaction from internal ... Read the full article
Travelers set to acquire Corvus Insurance for $435m
3rd November 2023
The Travelers Companies, Inc. has agreed to acquire cyber insurance managing general underwriter Corvus Insurance Holdings, Inc. for approximately $435 million. Travelers has disclosed that it will fund the transaction from internal resources, adding that the transaction is expected to close in the first quarter of 2024, subject to regulatory approvals ... Read the full article
Travelers reports Q3 net income of $404m despite underwriting loss
18th October 2023
Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article
Ki teams with Travelers & Aspen to expand digital follow capacity
17th October 2023
Ki, the first fully digital and algorithmically-driven Lloyd's of London syndicate, has announced a partnership with Travelers and Aspen which will offer additional follow capacity through its digital platform from January 1, 2024. As a result of this major collaboration, Ki will become the first algorithmic underwriter in the market to ... Read the full article
Cyber threats remain top concern for businesses in 2023: Travelers Risk Index
27th September 2023
In the recently released 2023 Travelers Risk Index, The Travelers Companies, Inc. highlighted that for the ninth consecutive year, cyber threats continue to rank among the top three business concerns for a wide spectrum of companies. The annual survey, which encompassed responses from 1,200 participants representing small, medium, and large-sized enterprises, ... Read the full article
Corvus Insurance expands cyber partnership with Travelers
20th September 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced it has expanded its relationship with Travelers, a personal, business and specialty insurer. Through this partnership Travelers will serve as a capacity provider for Corvus products in the United States, starting October 1, 2023. In 2022, the two companies announced a similar ... Read the full article
For Travelers, the AI opportunity is profound: CEO Alan Schnitzer
20th July 2023
Alan Schnitzer, Chairman and Chief Executive Officer (CEO) of U.S. insurer Travelers, has said that the company intends to spend more than $1.5 billion on technology this year as it looks to take advantage of the "profound" opportunity from artificial intelligence (AI). Speaking earlier today during the carrier's Q2 2023 ... Read the full article
Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty
20th July 2023
US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article
Travelers reports $14m net loss in Q2, driven by $640m underwriting loss
20th July 2023
Primary insurance group The Travelers Companies, Inc., has reported a net loss of $14 million for the second quarter of 2023, compared to a net income of $551 million in the prior year quarter. The net loss was heavily driven by a $640 million underwriting loss, which was driven by the ... Read the full article
Senate Budget Committee launches investigation into insurance companies’ climate risk evaluation, fossil fuel support
12th June 2023
The Senate Budget Committee, led by Senator Whitehouse (D-RI), alongside Senators Wyden (D-OR) and Sanders (I-VT), initiated an investigation into the evaluation of climate-related risks by major U.S. insurance companies. The committee seeks to understand why these companies continue to support and underwrite fossil fuel expansion projects that contribute to climate ... Read the full article
US insurance companies fail proxy season’s climate test: Insure Our Future
7th June 2023
U.S insurance companies Chubb, The Hartford, and Travelers and their largest shareholders failed this proxy season’s climate test, according to pressure group Insure Our Future. Concerned investors filed resolutions to address the climate and human rights-related risks associated with insurers’ underwriting, but none received majority support. At their annual general meetings ... Read the full article
Travelers reports $975m net income in Q1 with net written premiums up 12%
19th April 2023
Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 million. The company’s net income went down 4% this Q1 2023 ... Read the full article
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
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