Property and casualty insurer Travelers Cos. on Thursday said it lost $14 million in the second quarter, driven by nearly $1.5 billion in catastrophe losses.
That was nearly double the catastrophe losses the insurer recorded in the second quarter of 2022.
In an announcement, Travelers, which has major operations in Hartford, said the second quarter catastrophe losses “resulted from numerous severe wind and hail storms in multiple states.”
Those numbers don’t take into account damage done by recent flooding in the Northeast and elsewhere caused by heavy rainfall.
The $14 million, or 7 cents per-share second-quarter loss compared to a $565 million, or $2.27 per-share profit in the year-ago period.
Travelers Chairman and CEO Alan Schnitzer said a “historic level of industry-wide catastrophe losses,” offset “strong underlying results and investment returns.”
Travelers second-quarter revenues were up 11% in the second quarter to $10.1 billion, while its net written premiums grew 14% to $10.3 billion, a new record, the company said.
Travelers stock price was down slightly in early morning trading to $170.56.
