Travelers Expects $1.14 Billion in Losses Due to Superstorm Sandy (TRV)
Property and casualty insurer The Travelers Companies, Inc. (TRV) reported on Wednesday its initial estimates of losses due to the impact of Superstorm Sandy in late October.
The New York, New York-based company said that its after-tax losses from Sandy is expected to be in the range of $650 million. However, the pre-tax, pre-reinsurance loss is estimated to be $1.135 billion. These are numbers are based upon the claims already reported and projected to be reported.
Though the company issued these preliminary estimates, it must be noted that due to the complexity of Superstorm and all the factors involved these estimates may vary from the actual losses reported in the future.
Travelers shares were flat in premarket trading on Wednesday. The stock is up +19.2% year-to-date.
The Bottom Line
Shares of The Travelers Companies (TRV) have a 2.61% dividend yield, based on last night’s closing stock price of $70.53. The stock has technical support in the $65-$67 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $74-$75 a share.
The Travelers Companies, Inc. (TRV) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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