US primary insurer Travelers has renewed its major catastrophe reinsurance programs at mid-year on terms largely consistent with the prior year, with some adjustments to coverage.

Namely, effective July 1, 2025, Travelers renewed its Northeast Property Catastrophe Excess-of-Loss Reinsurance to provide the same $1 billion of coverage, from the same $2.75 billion retention to run through the end of June 2026.

The reinsurance agreement provides coverage for losses arising from a single occurrence and allows one reinstatement.

Coverage is provided on an all perils basis, including but not limited to hurricanes, tornadoes, hail storms, earthquakes, wildfires, winter storms and/or freeze losses (including coverage for terrorism events in limited circumstances).

Meanwhile, coverage for cyber events applies only in limited circumstances, and coverage for communicable disease and nuclear, biological and radiological terrorism attacks is excluded from the treaty.

The treaty covers territory from Virginia to Maine for the period from July 1, 2025 through and including June 30, 2026.

Effective July 1, 2025, Travelers also placed $500 million of coverage as part of a $1 billion Personal Insurance Catastrophe Excess-of-Loss Reinsurance Treaty, attaching at a $1 billion retention and running through June 30, 2026.

The reinsurance agreement provides coverage for losses arising from a single occurrence and is written on an all perils basis, including but not limited to hurricanes, tornadoes, hail storms, earthquakes, wildfires, winter storms and/or freeze losses.

The treaty applies to events occurring within the United States, its territories, possessions, and contiguous waters for the period from July 1, 2025, through and including June 30, 2026.

As readers may recall, last year Travelers renewed its Personal Insurance Hurricane Catastrophe Excess-of-Loss Reinsurance Treaty, effective July 1, 2024.

The treaty instead provided $500 million of coverage as part of a $1.00 billion limit for a single event, subject to a $2.00 billion retention.

On this, Alan Schnitzer, Travelers CEO, said, “You may recall that last year’s treaty had an attachment point of $2 billion, while in a modelled year we wouldn’t expect this to have much of an impact, given the prospect of continued weather volatility, we were pleased to obtain broader coverage at a reasonable cost.”

In addition to its traditional reinsurance placements, Travelers has catastrophe bond protection in place through Long Point Re IV Ltd., providing up to $575 million of coverage.

Originally issued in May 2022, the bond’s attachment point was reset in May 2025. The agreement offers single occurrence coverage through May 24, 2026, for certain property losses in specified lines of business arising from tropical cyclones, earthquakes, severe thunderstorms, or winter storms.

This coverage applies to events occurring from Virginia to Maine and is subject to a $2.89 billion retention for the period from May 25, 2025, through and including May 24, 2026.

You can read more about Long Point Re IV and all other catastrophe bonds in the deal directory of our sister publication, Artemis.

In its results for Q2 of 2025, Travelers reported an underwriting gain of $1.022 billion, a significant improvement compared to the prior year quarter’s loss of $65 million, as net income grew 183% year-on-year.

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