Travelers Cos. News

Global Insurers Pulled into Epicenter of COVID-19 Crisis, Firmly in Uncharted Territory

Roger Federer and Rafael Nadal locked in spell-binding battle. Paul McCartney sharing a stage with Kendrick Lamar and Taylor Swift. The long-awaited 32nd Olympic Games. The list of canned crowd-thrillers that were planned for the coming weeks isn’t just bad …

Travelers to Transfer European Business to Dublin Subsidiary in Preparation for Brexit

Travelers Insurance Co. Ltd., the U.K. subsidiary of The Travelers Cos., has received approval from the High Court of England and Wales to transfer the portfolios of all relevant in-force policies and historic liabilities written out of its Irish, French, …

Travelers Beefing Up Wildfire Protection After 2018 California Blazes

Travelers Cos. is strengthening its wildfire-defense efforts after deadly blazes swept through California last year. The insurer is adding a service to all of its California home and landlord policies, helping customers prepare their property for a fire by different …

Travelers Completes Purchase of UK Small Business Insurer, Simply Business

The Travelers Cos. has completed its previously announced acquisition of Simply Business, a provider of small business insurance cover in the United Kingdom, which offers products online on behalf of a broad panel of carriers. London-based Simply Business has more …

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 …