Travelers Estimates Range of Catastrophe Losses from Hurricane Harvey
September 11 2017 - 7:30PM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today announced that
it estimates 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).
Consistent with the capital management strategy it employs
during periods of significant catastrophe activity, the company
also announced that it has temporarily suspended common share
repurchases while it assesses losses from Hurricanes Harvey and
Irma. 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 foregoing information in advance of its
planned participation at the Barclays Global Financial Services
Conference tomorrow, September 12.
Forward-Looking StatementsAll statements in this press
release, other than statements of historical facts, are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. The estimated range of
losses discussed above is based on an analysis of claims already
reported and projected to be reported, estimated values of
properties in the affected areas, estimated damage resulting from
wind and other perils, including flooding to the extent covered by
applicable policies, and other factors requiring significant
judgment. As a result of the foregoing and other factors, including
the scope of the storm, the number of insureds affected, the
complexity of factors contributing to the losses and the
preliminary nature of the information used to determine the
estimated range, actual losses associated with Hurricane Harvey may
be materially different than the current estimated range. Other
factors that could cause actual losses to differ from the current
estimated range are discussed under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the company’s most recent Form 10-K filed
with the Securities and Exchange Commission (SEC) on February 16,
2017, as updated by the company’s periodic filings with the
SEC. The forward-looking statements in this release speak only
as of the date of this release, and the company undertakes no
obligation to update any forward-looking statements.
About TravelersThe Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has approximately 30,000 employees and generated revenues
of approximately $28 billion in 2016. For more information, visit
travelers.com.
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The Travelers Companies, Inc.Investors:Gabriella Nawi,
917-778-6844orMedia:Patrick Linehan, 917-778-6267
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