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Travelers expects $459 million hit from cat losses


Travelers Cos. Inc. said Tuesday it expects to report net income of $819 million for the fourth quarter of 2022, down about 38% from the same period in 2021, largely due to losses from the winter storm that hit much of the United States and Canada in December.

The results forecast includes $459 million of catastrophe losses pre-tax, net of reinsurance, Travelers said in a statement.

A deadly winter storm brought freezing temperatures to a huge swath of North America in late December, cutting power to millions, disrupting holiday travel and bringing large snowfalls to areas such as upstate New York.

Travelers said it expects its results, which it is due to report Jan. 24, will include an underlying underwriting gain of $723 million and net investment income of $625 million.

Travelers' financial results are closely watched because it is usually the first major property/casualty to report each quarter. The insurer's shares were down nearly 5% in late trading Tuesday.