Travelers

Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.

Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Inside P&C news team runs you through the earnings results for the day.

After the $1.5bn cat loss, CFO Dan Frey said Q2 was the second largest ever cat amount the insurer has seen for a second quarter with six events over the $100mn mark.

The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.

The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 2022.

Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.

The increased catastrophe losses were driven by severe wind and hailstorms in multiple states.

Based in Atlanta, Duncan will report to Travelers EVP and president of small commercial and business insurance business centers Eric Nordquist.