Travelers Cos. Inc. expects to report catastrophic losses before $ 85,000,000 and coronavirus-related losses of $ 114 million when it publishes its second-quarter results next week.
For the second quarter of 2020, the insurer expects to report a net loss per diluted share of $ 0.16 and a core loss per diluted share of $ 0.20, Travelers said in a statement Tuesday.
The company's third-quarter earnings, meanwhile, will benefit from reimbursements for previously paid wildfire losses, the insurer said in a statement Tuesday.
The calculation of travelers' catastrophic loss is mainly related to severe storms in the United States during the second quarter of 2020 and civil unrest that swept the country after George Floyd's death in police custody in Minneapolis in May.
Utilized for the $ 114 million pre-tax pandemic and $ 63 million before tax reduced in the estimate of the ultimate audit premiums that would be compensated, were estimated approximately by initial estimates of favorable frequency from the shelter, mainly in short tail lines – "19459006] net after premium refunds – and other items," the statement said.
Travelers expect to report $ 268 million in earnings for the second quarter of 2020, compared to $ 648 million for the same period last year.
The figure for the second quarter of 2020 includes investment income from Traveler's interest rate portfolio of $ 511 million and losses from its non-interest rate portfolio of $ 234 million, the statement said.
The insurance company also said it expects in its third quarter results to report $ 400 million in a favorable reserve development before the year, net of expenses and reinsurance, reflecting recoveries of subrogations related to California's benefit Pacific Ga's and Electric Co.'s loss of fires in 2017 and 2018. PG&E came out of Chapter 11 bankruptcy on July 1, paying $ 5.4 billion in initial funds and 22.19% of its inventory to a trust in victims of wildfires caused by its faulty equipment. to report results and is often seen as a watchmaker for the sector, is scheduled to publish its results during the second quarter on July 23.
Last week, Chubb Ltd. said. that they expect to report $ 1.81 billion in disaster losses for the quarter, including $ 1.37 billion in pandemic-related losses, and WR Berkley Corp. said they expect to report $ 145 million in disaster losses, including $ 85 million in related losses to COVID-19.
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