Updated with further information on Travelers' earnings report
NEW YORK (
swung to a second-quarter loss as it recorded $1.09 billion of catastrophe losses in the quarter.
Travelers reported a loss of $364 million, or 88 cents a share, in the quarter, down from year-earlier earnings of $670 million, or $1.35 a share.
"Our second-quarter loss was due to the extraordinary tornadoes and hail storms that caused devastation across significant portions of the United States," said CEO Jay Fishman, in a statement Thursday.
Travelers posted an operating loss in the quarter of 91 cents a share, much wider than the loss of 64 cents a share analysts polled by Thomson Reuters anticipated.
Travelers said net written premiums in the quarter were $5.82 billion compared with $5.69 billion a year earlier, "reflecting pricing gains across all three business segments."
-- Written by Joseph Woelfel
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