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Daily Insurance Industry News
Monday 20th of May 2019
November 16, 2009

Galatea rebrands as Travelers Underwriting Agency Limited

by Gill Montia

Story link: Galatea rebrands as Travelers Underwriting Agency Limited

Specialist marine underwriting agency, Galatea, has rebranded as Travelers Underwriting Agency Limited.

The move follows Galatea’s acquisition by US-based Travelers in 2007 and reflects the overall success of the integration process.

It should also help the business benefit from the parent company’s well-established brand.

Commenting on the change, Travelers’ spokesman Mark Clifford said: “This allows us to offer a seamless logistics, professional indemnity and ports product to our customers though our Lloyd’s brokers and worldwide agency network.”

Meanwhile, Galatea, which provides a range of marine liability insurances in the shipping, logistics and offshore oil and gas industries, says it is continuing to see strong demand for its niche marine products.

Travelers reported net income of $935 million in the third quarter of 2009, compared to $214 million in the same period of 2008.

Operating income for the quarter stood at $914 million, compared to $330 million in the prior-year quarter.

However, the insurer saw a 3% decline in net written premiums year-on-year, largely attributable to the decline in economic activity.

 

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