Reinsurance News


Travelers Europe obtains licence for Dublin subsidiary as Brexit nears

30th January 2019

Travelers Europe, a division of The Travelers Companies Inc., has been granted a licence by the Central Bank of Ireland for a new insurance subsidiary based in Dublin, in order to ensure continuity for its clients post-Brexit. The new insurer, called Travelers Insurance Designated Activity Company (Travelers Insurance DAC), is intended ... Read the full article

Travelers to pull-back on California wildfire exposure

23rd January 2019

U.S primary insurer Travelers has revealed that it plans to reduce its exposure to California wildfire risk following back-to-back years of elevated losses. Michael Klein, President, Personal Insurance and Head of Enterprise Business Intelligence & Analytics at Travelers, explained that the insurer had “already taken action in 2017 to begin to ... Read the full article

Increased cat losses dent Travelers’ results, further reinsurance secured

22nd January 2019

American insurer Travelers’ losses and results overview shows the company had a net income of $621 million in Q4 2018, which included a pre-tax catastrophe loss of $610 million, increasing from $499 million in the prior year quarter. This Q4 cat loss figure consists primarily of $453 million pre-tax ($358 million ... Read the full article

Travelers partners with ASQ Underwriting on U.S transactional risk

16th January 2019

The Travelers companies, Inc. has partnered with managing general underwriter (MGU) ASQ Underwriting to offer transactional risk insurance in the U.S. Travelers explained that the move would enable it to meet the growing demand for M&A risk mitigation tools, which allow strategic and private equity investors to reduce their deal risk ... Read the full article

Travelers to provide claim management services for rideshare firm Lyft

2nd January 2019

The Travelers Companies, Inc. has announced that it has become the exclusive provider of auto insurance claim services for U.S rideshare company Lyft. Launched in 2012, Lyft is an on-demand transportation company that uses a mobile app to provide more than one million rides per day across 300 U.S cities. The firm ... Read the full article

Travelers’ Q3 results boosted by significantly lower cat losses

18th October 2018

American insurer Travelers’ Q3 results have been boosted by a less volatile catastrophe year relative to 2017, posting an increased net income of $709 million and improved 96.6% consolidated combined ratio (CR). Cat losses of $264 million after reinsurance and pre-tax decreased significantly from $700 million in the prior year quarter. Net ... Read the full article

Travelers partners with Amazon on home insurance solutions

11th October 2018

American insurer Travelers has announced a partnership with Amazon that will see smart home kits, as well as insurance and risk management information, offered to its customers via a digital storefront on the Amazon site. The smart home kits, designed to protect homeowners from some of the most common causes of ... Read the full article

Businesses recognise cyber threat yet 50% lack insurance, reports Travelers

3rd October 2018

Cyber risk is the second biggest concern for business leaders across most industries and more than half believe that suffering a cyber attack is inevitable, according to the latest Risk Index by The Travelers Companies, Inc., yet 50% of businesses still lack any cyber insurance cover. The survey of more than ... Read the full article

Travelers acquires majority stake in FinTech start-up Zensurance

23rd August 2018

The Travelers Companies, Inc. has acquired a majority (60%) stake in Zensurance, a Canadian FinTech start-up that helps businesses find and manage their insurance packages, for a price of roughly CAD $16 million (USD $12.3 million), according to BetaKit. Zensurance’s Chief Executive Officer (CEO) Danish Yusuf and Chief Technology Officer (CTO) ... Read the full article

Daniel Frey to replace Jay Benet as CFO of Travelers

9th August 2018

Jay Benet, the Chief Financial Officer (CFO) of the Travelers Companies, Inc., is to step down from the position, effective September 1st, 2018 and be replaced by Daniel Frey. Benet has held the CFO position since 2002, and will remain on the company's senior leadership team as Vice Chairman. He is to ... Read the full article

Higher than expected cat losses drives lower Q2 net income for Travelers

19th July 2018

The Travelers Companies, Inc. (Travelers) has reported its second-quarter 2018 results, posting a decline in both net income and core income as a result of increased catastrophe losses that came in roughly $50 million higher than anticipated, at $488 million. Catastrophe losses for the second-quarter of 2018 were $85 million higher ... Read the full article

President of Travelers calls for auto industry involvement on automation

17th July 2018

The Executive Vice President and President of Personal Insurance at American insurer Travelers, Michael Klein, has highlighted the important role the insurance industry must play in the development of policies surrounding autonomous vehicles. “With the increasing adoption of semi-autonomous vehicles and the potential for fully autonomous vehicles, several policy-related questions and ... Read the full article

Travelers appoints Bruce Gifford to Enterprise Chief Data and Analytics Officer

26th February 2018

Travelers has announced the appointment of Bruce Gifford to the newly created role of Enterprise Chief Data and Analytics Officer. In his new role, Gifford will be responsible for accelerating the transformation of data into insights through technologies, including artificial intelligence tools and techniques. He is set to report to Michael Klein, ... Read the full article

Travelers to realign reporting structure after retirement of President and COO

22nd December 2017

The Travelers Companies, Inc. has announced that it is realigning the reporting structure of its business leaders, in response to the retirement of President and Chief Operating Officer (COO), Brian MacLean. MacLean, who has been with the firm for three decades, is to retire on March 31st, 2018, a move that ... Read the full article

Travelers to establish Dublin subsidiary in wake of Brexit

19th December 2017

In response to the UK's vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary. Travelers is the latest to join a long and growing list of ... Read the full article

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