Travelers
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The company blew past analyst earnings estimates, benefitting from lower cats and higher reserve releases, though underlying margins weakened. -
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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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Travelers, Liberty Mutual, State Farm and Allstate announced suspension of donations in January, but have now re-started financial backing for elected officials.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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Policyholders are homing in on loose policy wordings to convince courts that insurers have acted in bad faith.
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The carrier is also focused on expanding its renewable energy practice, which grew by 40% during 2020.
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The pricing disclosures from both carriers indicated rate moderation for the first time in many quarters.
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The CEO says the carrier remains optimistic about rates in the class of business.
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Catastrophe claims spiked to $835mn, compared with $333mn a year ago.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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The decision contrasts with a ruling against the industry in the Henderson Road case last month.
