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...Shares in Travelers, one of the biggest US insurers, rose 7 per cent in early trading on Wall Street after it posted fourth-quarter net profits of $1.6bn, doubling from the same period the previous year...
...Are hailstones getting bigger, one equity analyst recently asked an executive at Travelers....
...But in the US, for whatever reason, insurance and banking do not grow together very well....
...A lawsuit settled by Travelers in 2018 alleged that it had denied insurance to landlords renting to households receiving income support, which are disproportionately made up of black women....
...At the insurance company Travelers, a proposal asking the company to set a deadline to stop underwriting new fossil fuel projects won 8.8 per cent support in May, down from 13 per cent support last year....
...By contrast, well-established and large US insurers such as Travelers and Chubb traded at between one and two times sales....
...A resolution at Travelers, an insurance provider, asking for a report on measuring and reducing greenhouse gas emissions won 55 per cent support....
...The British bank is redirecting capital to its insurance, wealth and asset management businesses in Asia, where it has pledged to invest $3.5bn and hire 5,000 advisers....
...Chubb’s decision could increase the pressure of other big US insurers such as AIG and Travelers to act....
...Travelers was itself a collection of merged businesses, including its eponymous insurance arm, the Smith Barney brokerage and the Salomon Brothers investment bank, and Citigroup went on buy more companies...
...But companies, which take out insurance to pay the claims, can contest them....
...US executives are already complaining of “frivolous” suits hurting the battered economy; Alan Schnitzer, chief executive of Travelers insurance, said last month that America was already facing “the highest...
...Travelers, the $34bn US insurer, warned of an “increasingly challenging tort environment” as its profits fell sharply....
...Michael Klein, president of personal insurance at Travelers, says it is too early to say for sure whether accidents are becoming less common....
...Large organisations, including the insurance group Travelers, have voluntarily published SASB disclosures, but smaller firms, such as Sanderson Farms, have not....
...This brought together investment banking (Salomon Brothers, which Travelers had bought a year earlier and where Mr Corbat had his start), wealth management (Smith Barney) and insurance (Travelers)....
...Weakened by the criminal proceedings, the firm was acquired by insurance group Travelers....
...Travelers disclosed on Thursday that catastrophes had cost it $488m in the second quarter, a fifth more than a year ago....
...Wednesday’s regulatory filing reveals that Berkshire also scooped up shares in tech giant Oracle and insurance company Travelers during the third quarter, while it sold out of US big box retailer Walmart...
...But shares in Allstate fell 2.3 per cent on Monday, while Travelers, Chubb and AIG were all off more than 3 per cent....
...Rapid growth at Next Insurance The big boys of the industry are starting to take notice. Last year Travelers paid £400m for Simply Business, which had been valued at £120m only a year earlier....
...And US insurer Travelers took legal action against Old Mutual over legacy assets....
...Shares in insurance companies Allstate, Travelers, Chubb and AIG all rose on Thursday. All had fallen earlier in the week as fears about Hurricane Florence grew....
...Last year, for example, US-based Travelers bought Simply Business, which sells insurance to small businesses, for £400m, more than three times the price that Simply Business was sold for a year earlier....
...Its insurance arm, which currently generates the bulk of Saga’s profits, also struggled from a “challenging trading environment” in home and travel insurance, with earned profit for retail broking expected...
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