(Bloomberg) -- Even with one of the costliest hurricaneseasons on record, large insurers in the U.S. tended to postthird-quarter results that topped Wall Street’s estimates. Theexception is American International Group Inc.
AIG announced Thursday that its loss for the period was $1.91 ashare, deeper than the 79-cent average estimate of 7 analystssurveyed by Bloomberg. Travelers Cos., Progressive Corp. andAllstate Corp., which are more heavily weighted in home and autoinsurance, outshined projections. AIG’s stock slipped after theresults were announced.
Rocky quarter
A rocky quarter could add to challenges at AIG, which over the pastdecade has been navigating higher-than-expected claims,underwriting mishaps and a revolving door of CEOs. The NewYork-based firm has a big presence insuring businesses andhigh-net-worth individuals with coverage in Florida and Texas,which were hard hit by the storms.
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