The Travelers Companies, Inc. TRV announced today that its preliminary
estimate of net losses relating to Storm Sandy, which took place in late
October, is approximately $650 million after tax and after estimated
recoveries from reinsurance. This $650 million estimate reflects a gross loss
estimate (pre-tax and before reinsurance) of $1.135 billion.
This preliminary estimate is based upon an analysis of claims already reported
and projected to be reported, estimated values of properties in the affected
areas, estimates of damage resulting from wind and other perils, including
flooding to the extent covered by applicable policies, and other factors
requiring considerable judgment.
Due to the nature of this event, including the scope of the storm, the number
of insureds impacted, the complexity of factors contributing to the losses and
the preliminary nature of the information available to prepare these
estimates, future estimates of losses and the actual ultimate amount of losses
associated with Storm Sandy may be materially different from this current
estimate.
Following this release, the company intends to resume repurchases of its
common shares consistent with its long-standing capital management strategy of
returning to shareholders capital not needed to support business operations.
The company had temporarily suspended its common share repurchase activity
following Storm Sandy as it assessed its exposure.
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