Travelers
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The carrier purchased an additional $150mn of cover.
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The program’s retention remained the same at $3.5bn.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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The firm missed its earning per share target for the quarter.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.
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