The Travelers Companies, Inc. (TRV)

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Travelers shares RISE 2.7% on first post-Ian Q.

"Property-casualty insurer Travelers Cos. TRV 2.66%? posted a 31% decline in net income in the third quarter, as claims from Hurricane Ian weighed down results and net investment income fell from an unusually strong year-earlier quarter.

The company said its catastrophe costs increased 11% to $512 million pretax, net of reinsurance, from the year-earlier period, which also was a tough quarter for the nation’s property insurers. Then, Hurricane Ida landed in Louisiana and brought tornadoes and catastrophic flooding as it worked its way to the Northeastern U.S. Travelers’ year-earlier third-quarter catastrophe costs totaled $501 million.

Travelers, part of the Dow Jones Industrial Average, is one of the first big publicly traded property insurers to post quarterly earnings. It reported net income of $454 million, down from $662 million a year earlier.

https://www.wsj.com/articles/travelers-earnings-hit-by-hurricane-ian-losses-11666184833?siteid=yhoof2