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.
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