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Travelers US (ABM)
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Travelers News
Travelers news from Insurance Insider
Asbestos claims for exposed insurers could place more pressure on workers’ comp reserves.
Umbrella and commercial auto led Q3 rate hikes with double-digit increases.
The firm reported $547mn from Hurricane Helene losses.
Top concerns also included medical cost inflation and employee benefit costs.
Civil case, nuclear verdict and claims count data show worrying trends.
The figure represents a quarterly increase of 102%.
Travelers now holds around 6.2% of Fidelis, down from over 7.2%.
The industry could weather a recession, unless loss costs and reserving pressures worsen.
The report also noted that 35% of injuries occurred during an employee’s first year.
Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
A quick round-up of today’s need-to-know news, including the Microsoft outage and Travelers' results.
The carrier purchased an additional $150mn of cover.
The firm strengthened GL reserves by $250mn, for AY 2021-2023.
The carrier’s underlying combined ratio improved 3.4 points year on year to 87.7%.
Changes in investment strategy and strong results show carriers can weather financial storms.
Downward trends of DCC ratios are beginning to reverse, which could cause issues for long-tailed lines.
Corrective actions revealed by Travelers in the first-quarter earnings could set the stage for similar moves from peers
The insurer is currently transitioning Corvus' ‘profitable’ $200mn book of business.
Underlying improvement was driven by a decrease in the personal lines core CoR.
SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
Commercial carrier earnings continue to show mixed prior-year development.
The percentage of cases that could lead to higher losses increased in 2023.
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.
The carrier also renewed the 20% quota share with Fidelis, maintaining the same loss ratio cap the parties agreed in 2023.
The program’s retention remained the same at $3.5bn.
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