The Travelers Companies Inc. announced Friday morning the severe weather in April and May will cost it up to $1.05 billion.
As a result, Travelers announced in advance of its investor conference that it will limit share repurchases to $250 million in the second quarter and $400 million total for the first half of 2011.
The $1.05 billion stems from tornadoes and hail storms in the Midwest and Southeast where Travelers has business and personal insurance policies. The total reflects losses after-tax and net of reinsurance.
Travelers shares sank $2.12, or 3.5 percent, to $59 in morning trading on the New York Stock Exchange.
