Travelers
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Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
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Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
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The insurer is currently transitioning Corvus' ‘profitable’ $200mn book of business.
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Underlying improvement was driven by a decrease in the personal lines core CoR.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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Commercial carrier earnings continue to show mixed prior-year development.
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The percentage of cases that could lead to higher losses increased in 2023.
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Shares rose to over $213 at one point – from their previous close of $198.35 – after this morning’s Q4 results, which included an 8.7 point combined ratio (CoR) improvement driven by a rebound in personal lines.
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The carrier also renewed the 20% quota share with Fidelis, maintaining the same loss ratio cap the parties agreed in 2023.
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The program’s retention remained the same at $3.5bn.
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The personal insurance segment’s CoR slashed to 86.8% from 105.3% in the prior year quarter, as the contribution of cat losses declined by 7.3 points to 2%.
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The announcement closes the $435mn-deal which was announced in early November.