The Travelers Co.'s record third-quarter net-income result was as much a product of a disciplined underwriting strategy as the benign catastrophe season, company executives say.
Discussing Travelers' third-quarter net income of $864 million, an increase of $531 million from the same period last year, Jay Fishman, Travelers' chairman and chief executive officer, says earnings were driven by “superior underwriting results as well as solid investment income.”
The result was a combination of “lower weather-related losses, net favorable prior year reserve development as well as the cumulative effect of rate gains that we have achieved over nearly two years,” Fishman adds
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