(Reuters) – Insurer Hartford Financial on Monday said it expects up to $300 million in pretax losses due to natural disasters in the second quarter, a figure down sharply from a year earlier.
The Hartford also said it would raise asbestos reserves, though at a much lower rate than last year.
The company, which is in the middle of a restructuring to focus on its property insurance business, said its pretax disaster loss was $280 million to $300 million, against $447 million a year earlier.
Last year's second quarter was one of the worst in industry history due to record-breaking tornadoes in the U.S. South. This year was somewhat milder, marked mostly by major hailstorms across the United States.
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