Travelers
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year. -
The 17% uplift in its retention comes as reinsurers push for higher attachments.
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The firm missed its earning per share target for the quarter.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.
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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.
