From Earlier: Travelers Sees Sandy Losses ~$650M; to Resume Buybacks

The Travelers Companies, Inc. (NYSE: TRV) announced today that its preliminaryestimate of net losses relating to Storm Sandy, which took place in lateOctober, is approximately $650 million after tax and after estimatedrecoveries from reinsurance. This $650 million estimate reflects a gross lossestimate (pre-tax and before reinsurance) of $1.135 billion.This preliminary estimate is based upon an analysis of claims already reportedand projected to be reported, estimated values of properties in the affectedareas, estimates of damage resulting from wind and other perils, includingflooding to the extent covered by applicable policies, and other factorsrequiring considerable judgment.Due to the nature of this event, including the scope of the storm, the numberof insureds impacted, the complexity of factors contributing to the losses andthe preliminary nature of the information available to prepare theseestimates, future estimates of losses and the actual ultimate amount of lossesassociated with Storm Sandy may be materially different from this currentestimate.Following this release, the company intends to resume repurchases of itscommon shares consistent with its long-standing capital management strategy ofreturning to shareholders capital not needed to support business operations.The company had temporarily suspended its common share repurchase activityfollowing Storm Sandy as it assessed its exposure.