Travelers lifts treaty retention by $500mn and drops underlying aggregate
Travelers said it renewed its core $2bn cat treaty at a $3.5bn retention for 2023, up by $500mn on the prior year after a challenging reinsurance renewal.
The insurer now has a full $2bn of coverage under the treaty, which was placed at a 90% level in 2022, but has not renewed its $225mn underlying aggregate reinsurance programme.
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