Increased risk appetite and regional tactics shape Travelers' FI strategy

In financial services, risk isn’t a monolith. From banks and private equity firms to asset managers, the risks faced by financial institutions are high-stakes, complex and constantly shifting. This sector doesn’t need generic coverage – it demands precision, adaptability and depth. Travelers Europe has built its Financial Institutions (FI) team with exactly this in mind, bringing together underwriters who don’t just understand financial risk; they specialise in it. They’re on the ground and on the pulse across the UK and Ireland, using a collaborative approach that’s as tailored as it is seamless. Yet, despite their geographic spread, this team embodies a unified approach. “Collaboration is in Travelers’ DNA,” states Chris Unwin, who came aboard Travelers in 2020 amid the COVID-19 pandemic and was appointed managing director of the FI team in 2023. “We strive to ensure our terms and service remain consistent, regardless of the location you work with – an approach that fosters a unified client experience, regardless of which underwriter is at the table."

The senior FI underwriting team sat down for an in-depth conversation with Insurance Business UK to highlight how adaptability, collaboration and resilience have been pivotal in establishing and strengthening Travelers’ market presence.

One of Travelers’ key differentiators in FI insurance is its “one team” structure. It enables the FI team to draw on diverse local insights while operating as a unified entity, providing consistency that clients can rely on. By engaging daily in underwriting discussions that span across the regions they serve, the team is able to share insights, analyse emerging risks and fine-tune strategies to ensure cohesive, high-quality support for every client.

“We don’t work in isolation,” says Chris Muir, senior development underwriter in Glasgow. “Our brokers and clients benefit because we’re always communicating and pooling our insights. That local accessibility and in-depth expertise sets us apart from competitors who may be London-centric or have separate regional and central teams.” Muir also notes a shift toward insureds working with brokers closer to home. “Clients like having a broker they can meet with on short notice. Brokers are increasingly adopting a hub-and-spoke model, where local representatives handle client needs and feed insights to a centralised team,” he adds.

With a broader appetite, the team has been able to look beyond traditional risks and consider a wider range of FI exposures. This has been essential for meeting the varied demands of the market and positioning Travelers to help clients adapt – and thrive. “In terms of our goals, it’s about consolidating our position and continuing to focus on sustainable, profitable growth,” adds Unwin. “We’re not just looking to grow the top line; we’re aiming to be a more relevant partner to our brokers, offering solutions that evolve with our clients’ needs.” In the post-Brexit era, having underwriters positioned across both the UK and Ireland has been a strategic asset for Travelers’ FI team. This set-up allows the team to underwrite both UK and EU business from within the same team, expanding the scope of risks they can take on. Joanne Young, senior development underwriter in London, elaborates on how this cross-border capacity has impacted Travelers’ operations. “Setting up the hub in Dublin and creating our EU syndicate was a direct response to Brexit,” she says. “This structure enables us to continue writing capacity in the EU, which is crucial for supporting our clients with European interests. It’s not just about compliance – it’s about staying relevant and connected in a wider market.”

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Recalling the unique challenges and opportunities presented by the remote hiring process experienced during the pandemic, Unwin calls his move to Travelers “a dynamic shift that aligned with his career goals”. Making the most of it, he’s enjoyed how his current role enables him to drive growth across diverse regions. His tenure has seen Travelers evolve to manage hybrid teams distributed across Manchester, Glasgow, Dublin and London, a structure that, according to Unwin, strengthens regional insights and facilitates a more comprehensive understanding of clients.

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“We don’t work in isolation. Our brokers and clients benefit because we’re always communicating and pooling our insights. That local accessibility and in-depth expertise sets us apart from competitors”

Chris Muir, Travelers europe

“Travelers has been meticulous in analysing leverage and loan-to-value ratios so that when economic uncertainty hits, our clients’ portfolios are structured to weather the storm”

Sam Meehan, Travelers europe

Karen Adams

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Karen Adams

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Published January 31, 2025

Sam Meehan

Joanne Young

Chris Unwin

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Travelers’ Financial Institutions team stays ahead of emerging challenges, offering precise, adaptable coverage that financial institutions need

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Joanne Young Senior Development Underwriter

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The FI team is operating within a challenging market environment where macroeconomic conditions are driving more stringent underwriting requirements. Sam Meehan, senior development underwriter based in Dublin, explains the unique positioning of Travelers. “We’re well into a soft cycle, and with the increased coverage considerations and significant competition on high-demand business, it’s a tough marketplace,” Meehan notes. “Travelers has a strong focus on asset managers, which is particularly competitive right now.” In adapting to these market pressures, the team leverages its broad expertise across sectors such as real estate and asset management, managing risks with a steady hand and a conservative approach. “For real estate-focused asset managers, debt and interest rates are major considerations – how leveraged a portfolio is, when debts mature and the risks involved in renegotiation,” Meehan explains. “Travelers has been meticulous in analysing leverage and loan-to-value ratios so that when economic uncertainty hits, our clients’ portfolios are structured to weather the storm.”

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Building strong broker relationships through local expertise

“I fly aerobatics on the weekends”

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2022 – Achieved ACII Chartered status

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“We’re seeing a shift in strategy, with private equity firms increasingly developing credit-focused funds. By staying aligned with these changes, we’re able to provide timely, relevant coverage that matches the direction in which our clients are moving”

William Wogan, Travelers europe

“Our clients’ needs are as dynamic as the markets themselves. We don’t just adapt to trends; we anticipate them, ensuring that we can provide solutions that align with the financial strategies of our clients”

Joanne Young, Travelers europe

Holding steady: precision in a shifting market

“We've scaled up the FI book in recent years... We’re now able to consider a broader range of risks … which has made us more relevant to our partners and expanded the scope of conversations we can have”

Chris Unwin, Travelers europe

The team’s expertise goes beyond standard FI insurance, addressing emerging risks and changes in market dynamics with a forward-focused approach. The Travelers FI team is prepared to assist brokers and clients with specialised coverage, particularly in areas such as aircraft securitisation and private equity. “Our clients’ needs are as dynamic as the markets themselves,” says Young. “We don’t just adapt to trends; we anticipate them, ensuring that we can provide solutions that align with the financial strategies of our clients.” Private equity firms, for instance, have experienced a revival in M&A activity over the recent months, which William Wogan, senior development underwriter in London, has closely monitored. “We’re seeing a shift in strategy, with private equity firms increasingly developing credit-focused funds,” he notes. “By staying aligned with these changes, we’re able to provide timely, relevant coverage that matches the direction in which our clients are moving.” Amid market competition and rising coverage demands in the current

Meeting emerging risks head-on

Amid market competition and rising coverage demands in the current environment, Travelers’ conservative approach serves as a stable anchor for brokers and clients alike. This is especially relevant as economic pressures weigh on key sectors such as asset management and real estate.

“It’s a challenging market, but that’s where our preparation and conservative approach pay off,” says Wogan. “Our team put substantial effort into diversifying our portfolio before this cycle, so we’re now well positioned to assist brokers and clients with solutions that are both competitive and secure.” This resilience is essential for clients whose portfolios are exposed to fluctuations in interest rates and financing conditions. As Meehan notes, “We see a lot of resilience in the markets we serve. Our team works closely with clients to ensure their strategies are as resilient as possible, considering factors such as loan-to-value ratios and leverage risks.” Young points out that the volatility in property investments – where valuations may drop, yet rental incomes rise – requires nuanced risk management. The team is also proactively addressing heightened threats from cyber crime, AI-driven impersonation fraud and other emerging risks, underscoring their adaptability and forward-thinking approach to client needs.

One of the FI team's biggest recent achievements has been its growth, fuelled by an intentional broadening of appetite over the last few years. "We've scaled up the FI book in recent years, and that's been driven by a wider appetite that allows us to connect more meaningfully with our brokers," says Unwin. We’re now able to consider a broader range of risks across the FI market, which has made us more relevant to our partners and expanded the scope of conversations we can have.” As the team looks to the future, “We’re still in growth mode,” says Unwin, “but we’re doing so in a way that’s conscious of the current market conditions. We’ve structured our portfolio carefully, so even as we expand, we’re prioritising the bottom line. This is about being sustainable and relevant.” By combining local support with a wide range of services and a collaborative team approach, Travelers’ FI fosters in-person relationships to build client trust and provide solutions customised to local needs.

Looking ahead: growth and relevance

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In a dynamic world, your clients need insurance protection they can trust. That’s why Travelers tailors insurance and risk management guidance to each organisation we insure. We cover a wide range of specialist business classes and can help protect a company as it evolves – so your clients can focus on driving their business forward. We have been insuring your clients’ ambitions for generations: Travelers wrote the first auto insurance, aircraft liability insurance and personal accident cover for astronauts. We are backed by more than 160 years of experience and financial strength, and we continue to be among the world’s leading commercial property casualty insurers.

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