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