Travelers

Travelers CEO: Pricing to outpace loss trends “for some time”

The continued headwinds impacting industry returns mean that pricing is set to outpace loss trends “for some time”, even as overall pricing nears record levels, according to Travelers CEO Alan Schnitzer.

Travelers goes almost halfway through aggregate retention in Q1

Record first-quarter catastrophe losses at Travelers meant that it accumulated $915mn of qualifying losses towards the $1.9bn retention on its underlying property aggregate cat treaty for 2021.

Travelers beats as reserve releases and investments offset record Q1 cats

Travelers overcame a record Q1 catastrophe bill to post a combined ratio of 96.6 percent for the quarter and reported pricing momentum as renewal premium change in business insurance hit 9.2 percent with the rate change on the book excluding exposure changes up 8.4 percent.

Travelers shares up on strong Q4 results and bullish rate commentary

Shares of Travelers were trading up after the insurer announced a large earnings beat and management provided bullish ratings commentary and underlined its confidence over business interruption (BI) losses despite rival Zurich losing a case earlier this week.

Travelers restructures aggregate cover after exhausting 2020 limit

The retention on Travelers’ 2021 underlying property aggregate cat excess of loss treaty has increased from $1.55bn to $1.9bn and the insurance giant has also upped the limit from $280mn to $350mn after fully exhausting the cover last year as a result of the frequency of severe weather losses in the US.

Travelers in big earnings beat as commercial renewal rate increases reach record high

Travelers’ profits surged 46 percent in the fourth quarter as core income reached $1.26bn – or $4.91 per diluted share – with the carrier recording record rate rises at renewal within its business insurance and bond and specialty insurance units.

AIG latest insurer to suspend political contributions following DC riots

AIG has joined a number of other insurance industry companies in suspending political action committee (PAC) contributions in the wake of the riots in Washington DC and some lawmakers’ opposition to certifying the electoral college vote.

Duperreault, Glaser and Schnitzer among CEOs urging Congress to accept Biden win

AIG’s Brian Duperreault, Marsh & McLennan Companies’ Dan Glaser, Swiss Re Americas’ Philip Ryan and Travelers’ Alan Schnitzer are among over 170 New York business leaders signing a letter urging Congress to accept Joe Biden’s win in the US presidential election.

Travelers to buy digital agency InsuraMatch

US insurance giant Travelers has agreed a deal to buy digital insurance agency InsuraMatch from Plymouth Rock.

Insurtech Hover closes $60mn round led by Travelers, State Farm and Nationwide

Property data platform Hover has brought its total funding to $147mn with the close of a $60mn round led by Travelers, State Farm Ventures and Nationwide.

Travelers Europe adds specialty to Lawton’s duties while Syndicate 5000’s Rnjak resigns

Travelers Europe has expanded Mike Lawton’s role to include responsibility for specialty business, which includes Lloyd’s, while Chris Allison has been named active underwriter of Syndicate 5000 to replace the departing Nick Rnjak.

A tale of two reinsurance buyers

As earnings season gathers pace in the coming week a common theme from carriers that have reinsurance businesses is likely to be momentum in pricing across the sector building towards 1 January and other key renewal seasons in 2021 as the market moves into hard market territory.

Travelers meets positive investor response as Covid-19 impact benefits YTD underwriting results

Travelers said that losses directly relating to Covid-19 totaled $133mn before tax in Q3, but the impact for the quarter and first nine months of the year has been more than offset by a reduction in claims because of lower levels of economic activity.

Travelers’ PG&E benefit offsets asbestos charge as agg cover exhausted

Travelers has delivered core income for the third quarter of $798mn – or $3.12 per diluted share – more than double its result in the same period last year, with the carrier attributing the uptick primarily to net favourable prior-year reserve development.

Judge serves up another Covid-19 BI win for Travelers in LA restaurant dispute

A California district judge has dismissed a Covid-19 business interruption (BI) case brought by a Los Angeles restaurant against Travelers, which was seeking coverage on a policy that has a virus exclusion.

MDL panel mulls centralising BI suits into insurer-specific proceedings

The Judicial Panel on Multidistrict Litigation has held a hearing to consider creating insurer-specific proceedings that would centralise Covid-19 business interruption (BI) lawsuits against The Hartford, Cincinnati Financial, Society Insurance, Travelers and Lloyd’s underwriters.

Travelers granted another motion to dismiss Covid-19 BI case

A California district court judge has granted Travelers motion to dismiss a Covid-19 business interruption (BI) case filed by a children’s clothes and toys store, bringing US insurers into double figures for favourable rulings in BI disputes stemming from the pandemic.

Travelers urges shareholders against “mini-tender” offer

Travelers has recommended that shareholders do not accept a so-called “mini-tender” offer from Canadian investment firm TRC Capital Investment, which is seeking to buy 0.4 percent of the US insurer’s shares.

California district judge throws out Covid-19 BI case against Travelers

In the latest favourable ruling for an insurer in Covid-19 business interruption (BI) litigation, a Central District of California judge has granted Travelers’ motion to dismiss a case brought by a Los Angeles restaurant, noting that “under California law, losses from inability to use property do not amount to ‘direct physical loss of or damage to property’”.