Reinsurance News
Travelers
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
Travelers reports rise in net income as combined ratio strengthens in Q1
19th April 2022
US primary insurer Travelers has reported an underwriting gain of $659 million for the first-quarter of 2022 and a combined ratio of 91.3%, as losses from catastrophes, net of reinsurance, fell by $675 million from the comparable prior year period. The carrier's underwriting result improved by $442 million, year-on-year, as catastrophe ... Read the full article
Travelers acquires assets of insurtech Trōv
25th February 2022
US primary insurer Travelers has acquired assets of Trōv Technology, a provider a software designed to help brands deploy modern P&C insurance solutions in home, renters, auto, pet, small business and mobility. With this transaction, most members of Trōv's team have also joined Travelers, and will be positioned within Travelers' Personal ... Read the full article
Lorraine Seib to lead Vantage Group’s US excess casualty business
20th January 2022
Vantage Group Holdings has appointed Lorraine Seib to lead its US Excess Casualty Insurance business. Seib brings years of experience within commercial insurance and excess risk and in primary commercial lines, RPGs and MGAs. She previously led the Excess Casualty business at Aspen Insurance Group, XL Catlin Insurance Company, and Travelers Insurance, ... Read the full article
Travelers shrinks agg reinsurance at renewal after depleting 2021 cover
20th January 2022
US primary insurer Travelers has disclosed details of its reinsurance renewals for 2022, which include expansions to its corporate catastrophe cover but reductions to its aggregate cover, following the exhaustion of this program last year. Travelers reported record net income of $1.33 billion in the fourth quarter of 2021, but ... Read the full article
Travelers reports record Q4 net income, but exhausts agg reinsurance
20th January 2022
The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit a record number in comparison to $1.31 billion which was reported ... Read the full article
Q4 cats thought to have triggered Travelers agg reinsurance recoveries
14th January 2022
Analysts are anticipating that Travelers will have made further recoveries under its catastrophe aggregate reinsurance program during the fourth quarter of 2021. There appears to be consensus among figures at Bloomberg, KBW and Morgan Stanley that the US primary insurer’s Q4 results – due next week – will reveal further aggregate ... Read the full article
Travelers reports net income of $662m; record net written premiums
19th October 2021
The Travelers Companies, Inc. has reported net income of $662 million, core income of $655 million, and record net written premiums (NWP) of more than $8.3 billion for the third quarter of 2021, despite a rise in catastrophe losses to $501 million, net of reinsurance. Although still solid, the insurer's net ... Read the full article
H1 catastrophes eat through almost 80% of Travelers agg reinsurance retention
21st July 2021
Despite US primary insurer Travelers reporting a slowdown in catastrophe losses for the second quarter, year-to-date, the firm has accumulated approximately $1.5 billion of qualifying losses towards its aggregate retention of $1.9 billion. When reporting its Q2 2021 financials yesterday, Travelers announced catastrophe losses, net of reinsurance, of $475 million. While ... Read the full article
Strong investment result & lower cat losses boost Travelers in Q2
20th July 2021
The Travelers Companies, Inc. has reported a significantly improved net income of $934 million for the second-quarter of 2021 on the back of lower catastrophe losses, favourable reserve development, and a vastly improved investment result. Net income of $934 million compares with a net loss of $40 million for the second-quarter ... Read the full article
Fidelis raises capital as Travelers makes strategic minority investment
14th July 2021
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has announced that The Travelers Companies, Inc. has made a strategic minority investment in Fidelis. Terms of the transaction, which sees Fidelis raise additional capital with a strategic investor, were not disclosed. Fidelis operates a Three Pillar strategy across bespoke, reinsurance and ... Read the full article
Travelers commits to becoming carbon neutral by 2030
22nd April 2021
The Travelers Companies has committed to becoming carbon neutral across all its owned operations by 2030. The pledge is part of Travelers’ ongoing and broader sustainability strategy, where it has already made significant progress in reducing its carbon footprint, cutting Scope 1 and 2 emissions by more than 40% between 2011 and ... Read the full article
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