Kev Matasari's questions to TRAVELERS COMPANIES (TRV) leadership • Q2 2025
Question
Kev Matasari from Deutsche Bank questioned if the elevated level of share repurchases in the quarter represents a new baseline. He also asked if relaxing property restrictions in Personal Lines would include changing the underwriting ratio of property versus auto business.
Answer
CFO Dan Fry clarified that they do not forecast buybacks or time the market; rather, they right-size capital when it is in excess, and the Canada proceeds have not yet been received. Michael Klein, President of Personal Insurance, explained the goal is to rebalance the portfolio toward auto, and relaxing property restrictions is intended to support writing more packaged business, not just standalone property.