Travelers Cos. News

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Travelers to Buy UK-Based Simply Business for $490M

The Travelers Cos. Inc. announced it has agreed to acquire Simply Business from Aquiline Capital Partners LLC for approximately $490 million, which includes the repayment of debt and other obligations at closing. Operating since 2005, Simply Business is a leading …

Brazilian Corruption Probes Lead to D&O Market Boom

Insurers who sell policies limiting executives’ liability from lawsuits have seen a surge in business thanks to a sprawling Brazilian corruption probe involving state-controlled Petroleo Brasileiro SA and a rash of corporate bankruptcies. The country’s so-called directors & officers (D&O) …

Chubb Estimates Q2 Cat Losses to Rise 54% from Q1 2016

Property and casualty insurer Chubb Ltd. estimated natural catastrophe losses for the second quarter to be about 54 percent higher than the first quarter, indicating another quarter of high losses due to natural disasters for insurers. Multiple weather events in …

Travelers to Offer Small Business Insurance in UK via Online Platform

The Travelers Cos. Inc. announced it will offer insurance directly to UK small businesses with fewer than 10 employees and less than £2.5 million ($3.7 million) in revenues. The online platform will initially be available for office businesses, such as …

Ohio Court Seeks Heirs in $2M Asbestos Claim Payout

A northeast Ohio court is trying to track down for heirs to hundreds of rubber workers who died or became very ill because of exposure to asbestos as it looks to pay out about $2 million in legal claims. Heirs …

AIG Focuses on Integrating Japan Businesses, Rather Than Additional M&As

American International Group Inc. plans to sit out the unprecedented wave of insurance industry deal-making and instead focus on integrating businesses in Japan. The timetable for merging AIU with Fuji Fire & Marine has been pushed back to 2016 or …

More than 1,300 Claims Filed in Ohio Asbestos Suit

More than 1,300 damage claims were filed in a northeast Ohio court on behalf of the heirs of Akron-area rubber and auto workers who died or developed serious illnesses from exposure to asbestos. The claims in Summit County Probate Court …

Travelers Opens $200M Data Center in Nebraska

A New-York based insurance firm has opened a $200 million data center in Nebraska’s Sarpy County, the latest of such facilities built in the area for companies like Fidelity, Yahoo, Cabela’s and Cosentry. Gov. Pete Ricketts and other officials celebrated …

Sandy Flood Insurers Ordered to Disclose Drafts of Engineering Reports

A Travelers Cos. unit and other flood insurers accused by Hurricane Sandy victims in New York of using falsified engineering reports must turn over the drafts to policyholders, a three-judge panel ruled amid allegations that manipulation may have been widespread. …