Travelers Insurance Expects Hurricane Harvey Losses Between $375M-$750M

September 12, 2017

The Travelers Companies Inc. estimates that its catastrophe losses relating to Hurricane Harvey, including estimated recoveries from reinsurance, will be in the range of $375 million to $750 million pre-tax ($245 million to $490 million after-tax).

The company has temporarily suspended common share repurchases while it assesses losses from Hurricanes Harvey and Irma, a move the company said is consistent with the capital management strategy it employs during periods of significant catastrophe activity.

Prior to suspending share repurchases, the company had repurchased approximately 2.6 million shares for approximately $328 million in the current quarter.

The company provided the information in advance of its participation at the Barclays Global Financial Services Conference tomorrow, Sept. 12.

Latest Comments

  • September 15, 2017 at 4:28 pm
    Agent says:
    Hey young Oktober fest, did I say Auto & Boat or did I say just boat? No question Auto will be big with 500,000 vehicles either partially or completely totaled. Boat wil... read more
  • September 12, 2017 at 10:44 pm
    okt0ber says:
    You clearly don't have any customers in Victoria, TX. Boat will be the least of the losses. Property losses and flooded vehicles will be the loss leaders by far. Boat loses wo... read more
  • September 12, 2017 at 4:33 pm
    perplexed says:
    I think you're right. Business auto insurance in Texas is already seeing increases. Guess we can expect higher increases.
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