Travelers

After the $1.5bn cat loss, CFO Dan Frey said Q2 was the second largest ever cat amount the insurer has seen for a second quarter with six events over the $100mn mark.

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

The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 2022.

Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.

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

The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.

The increased catastrophe losses were driven by severe wind and hailstorms in multiple states.

Based in Atlanta, Duncan will report to Travelers EVP and president of small commercial and business insurance business centers Eric Nordquist.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Inside P&C’s news team runs you through the key highlights of the week.

The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.