Property and casualty insurer Travelers Companies Inc. reported a 37 percent fall in quarterly profit on Tuesday, hurt by losses related to a winter storm that swept across the United States and Canada in the last week of 2022.
The company’s core income fell to $810 million, or $3.40 per share, in the fourth quarter ended Dec. 31, from $1.29 billion, or $5.20 per share, a year earlier.
The winter storm pushed up the insurer’s catastrophe losses net of reinsurance to $459 million from $36 million last year.
A dangerously frigid Arctic air mass gripped a vast expanse of the United States in late December, bringing floods, power outages, mudslides, evacuations, and road closures….