Travelers Europe has announced the appointment of Mike Lawton as its new chief operating officer, entrusting him with the responsibility of overseeing daily business operations and executing the company’s strategic initiatives.
In his new capacity, Lawton will report directly to Matthew Wilson, chief executive officer of Travelers Europe.
With nearly two decades of experience in the insurance industry, Lawton brings a wealth of expertise in both broking and underwriting. Prior to joining Travelers Europe in 2016 as the head of its business insurance division, he held senior leadership positions at an international insurance provider and a UK brokerage firm.
Wilson commended Lawton for his instrumental role in strengthening the company’s market presence and enhancing operational efficiency, highlighting his contributions as a key member of the leadership team.
Lawton’s promotion comes at a challenging time for the company, as Travelers Group recently reported approximately US$1.7 billion in pretax losses. The decline has been largely attributed to the devastating wildfires that swept through Los Angeles last month.
The reported estimate encompasses losses from both personal and commercial insurance sectors, in addition to assessments from the California FAIR Plan and reinsurance recoveries.
The wildfires caused extensive destruction, damaging over 16,000 homes and businesses, with particularly severe impacts in the Pacific Palisades and Altadena neighbourhoods.
Despite these setbacks, Travelers Group recorded a fourth-quarter core income of US$9.15 per diluted share, marking an increase from US$7.01 per share in the previous year. The rise was primarily driven by higher underlying underwriting gains, increased net investment income, and favorable prior-year reserve development, although it was partially offset by higher catastrophe-related losses.
Furthermore, the company’s adjusted book value per share saw a 13% increase, reaching US$139.04. This growth was bolstered by strategic business investments and the return of more than US$2.1 billion to shareholders through dividends and share repurchases.
