Travelers

The personal insurance segment’s CoR slashed to 86.8% from 105.3% in the prior year quarter, as the contribution of cat losses declined by 7.3 points to 2%.

The announcement closes the $435mn-deal which was announced in early November.

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.

Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.

The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.

Broker and commercial carrier trends separate as inflation slows but rates stay elevated.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.

A clear commonality is already emerging much as it did in the previous quarter, when severe convective storms – particularly hail – also dominated.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

“In the next few weeks, the third chapter will begin and I am excited to engage with the new team. I can’t share the details just yet but will provide an update in the near future,” Joseph Meisinger announced.

The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.