Reported 3 days ago
Travelers Insurance announced that its first-quarter profit surpassed analyst expectations, aided by strong underwriting gains, despite experiencing over $2 billion in catastrophe losses from the Los Angeles wildfires. Although the company's losses hit a record $2.27 billion this quarter, its core profit was $443 million, helped by stock buybacks. The report highlights the increasing challenges faced by insurers in California due to regulatory restrictions and rising natural disasters.
Source: YAHOO