The Travelers Companies Inc. (TRV) said late Monday that it's temporarily suspending its stock buyback program, "consistent with the capital management strategy it employs during periods of significant catastrophe activity."
The company also said 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)."
The company said common share repurchases will be suspended while it assesses losses from Hurricanes Harvey and Irma. Prior to suspending share repurchases, Travelers said, it had repurchased approximately 2.6 million shares for approximately $328 million in the current quarter.
Shares of Travelers rose 2.34% in regular trade Monday, and tacked on another 0.16% after hours to trade at $122.75.
Also on Monday, U.S. banks said bad loans as a result of Hurricanes Harvey and Irma would add to the damage for the financial industry, with insurers already facing more than $100 billion of losses from the storms.
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