Travelers

The carrier purchased an additional $150mn of cover.

The program’s retention remained the same at $3.5bn.

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.

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.

The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.

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

The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.

The 17% uplift in its retention comes as reinsurers push for higher attachments.

The firm missed its earning per share target for the quarter.

Analysts said attachment points are now far behind the rate of inflation over the period.

The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.

The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.