Travelers
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Social Inflation could rebound faster than expected and disrupt the industry's narrative on margin expansion. -
Kunkel, who has led Travelers’ surety and management liability business since 2005 will retire in September.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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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 company blew past analyst earnings estimates, benefitting from lower cats and higher reserve releases, though underlying margins weakened.
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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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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.
