Reinsurance News
Travelers
Adverse reserve development dents Travelers’ Q3 results
22nd October 2019
US primary insurer Travelers has identified unfavourable prior year reserve development as having driven an increased combined ratio and lower net income for the third quarter. At 101.5%, Travelers’ CR stands at 4.9% higher against the prior year quarter. Net income was reported at $396 million, compared to $709 million. Overall, Travelers took ... Read the full article
Travelers develops aerial imaging tool for damage assessment
25th September 2019
U.S. primary insurer Travelers has announced the launch of a new high-resolution aerial imaging capability that enables agents and brokers to assess property damage immediately following a catastrophe event. Travelers Catastrophe Map Viewer will provide a before-and-after photographic comparison within one or two days after an event – normally before anyone ... Read the full article
Travelers’ transfer of EU business to Dublin unit approved
23rd September 2019
Travelers Insurance Company, part of US primary insurer Travelers, has received approval from the High Court of England and Wales to transfer all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its newly established subsidiary, Travelers Insurance DAC. Read the full article
Travelers renews cat reinsurance at July 1, but eats into aggregate retention
23rd July 2019
U.S. primary insurer Travelers has disclosed the terms of the catastrophe reinsurance treaties it purchased at the recent July 1, 2019 renewals. Management also revealed on an earnings conference call today that the company has incurred just under $800 million towards the attachment point of its new catastrophe reinsurance treaty. This represents ... Read the full article
Travelers’ net income up, combined ratio weakens on non-cat weather losses
23rd July 2019
The Travelers Companies, Inc. has recorded net income growth in both the second-quarter and half-year of 2019, while its underlying combined ratio weakened slightly, partly as a result of an increase in non-catastrophe weather-related losses and lower favourable prior year reserve development. At $557 million, the U.S. domiciled insurer's net income ... Read the full article
Reinsurance supports premium growth, improved combined ratio for Travelers in Q1
18th April 2019
U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article
Travelers Europe enhances M&A offering with Brown and Bhoma partnership
29th March 2019
In response to growing demand for mergers and acquisitions (M&A) risk transfer solutions, Travelers Europe has announced a new partnership with London-based transactional risk and tax liability underwriters, Robert Brown and Dawn Bhoma. The new partnership is expected to significantly enhance Travelers Europe's transactional risk insurance offering in the UK and Europe. The ... Read the full article
Travelers’ post-Brexit Dublin unit obtains A++ strength rating
5th March 2019
Travelers Insurance Designated Activity Company (TIDAC) (Ireland), the newly established European subsidiary of Travelers Companies, Inc., has obtained a Financial Strength Rating of A++ (Superior) from A.M. Best. Travelers recently obtained a licence from the Central Bank of Ireland to write business from the Dublin-based unit, which will ensure continuity ... Read the full article
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