Travelers
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The deal leaves premier surety as Travelers' sole Canadian portfolio. -
The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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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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It will provide cover against cyclones, earthquakes, thunderstorms and winter storms.
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The firm took $175mn of qualifying losses as cat claims dropped notably from last year’s Uri-impacted quarter.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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This was the second year the insurer drew down its full reinsurance limit.
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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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The buy-in from the blue-chip US insurer is a coup for the expansive London market and Bermuda (re)insurer.
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The insurer racked up $915mn of qualifying cat losses after winter storms.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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Quarterly losses were led by the Midwest derecho, Hurricane Isaias and the Glass Fire.
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Nearly 1,000 insurance disputes over pandemic coverage were filed by the end of July, according to data highlighted by sister title Inside P&C.
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The insurer also took a $400mn subrogation gain on wildfire losses.
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The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
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As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
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The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
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The insurer cut back the 2020 placement after making claims on the deal's first year in effect.
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The insurer placed 35 percent less aggregate limit than in 2019.
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Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.
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The insurer said Q2 cat loss levels were favourable even though it has eroded more than half its aggregate deductible.
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The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively.
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Chubb and Travelers also face losses of around $400mn each should total insured losses hit $10bn, the analyst said.
