September 12, 2017

Travelers suspends repurchasing program in wake of hurricanes

HBJ File Photo
HBJ File Photo
The Travelers Cos.

Hartford insurer The Travelers Cos. is suspending its share buyback program as it assesses the full breadth of losses for hurricanes Harvey and Irma.

The suspension will be temporary, the company said Tuesday.

Estimated losses from Hurricane Harvey, including estimated recoveries from reinsurance, will range between $375 million and $740 million before taxes, Travelers said. Estimates for Hurricane Irma were not available.

Before halting share repurchases, the company said it had repurchased approximately 2.6 million shares for approximately $328 million in the current, third quarter.

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