Travelers Europe has appointed Mike Lawton (pictured above) as chief operating officer, with responsibility for overseeing the company’s daily business operations and implementing its strategic plans.
In this new role, Lawton will report to Matthew Wilson, chief executive officer of Travelers Europe.
Lawton has nearly 20 years of experience in the insurance sector, spanning both broking and underwriting. Before joining Travelers Europe in 2016 to lead its business insurance practice, he held senior roles at an international insurance carrier and a UK broker.
Having been a key member of the company’s leadership team for several years, Wilson praised Lawton for his support of the company’s growing market presence as well as his operational efficiency.
Lawton’s promotion comes amid a reported decline for the company, with approximately US$1.7 billion in pretax losses announced for the Travelers Group. The decline has been attributed to the wildfires that affected Los Angeles last month.
The estimate includes losses from personal and commercial insurance segments, as well as assessments from the California FAIR Plan and recoveries from reinsurance.
The Los Angeles wildfires destroyed more than 16,000 homes and businesses, causing significant damage in the Pacific Palisades and Altadena neighbourhoods.
The company reported a fourth-quarter core income of US$9.15 per diluted share, up from US$7.01 per share a year earlier. The increase was attributed to a higher underlying underwriting gain, increased net investment income and higher net favourable prior-year reserve development, partially offset by higher catastrophe losses.
For the full-year, core income rose 64% to over US$5 billion, or US$21.58 per share, driven by strong earned premiums, excellent underwriting margins and a higher level of net investment income, the company said.
Meanwhile, the company’s adjusted book value per share grew by 13% to US$139.04 after business investments and the return of over US$2.1 billion to shareholders through dividends and share repurchases.
Travelers was named as one of The Best Cyber Insurance Companies in the UK. Read the full report of 5-Star Cyber here.
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