Travelers Beats Estimates With Record Underwriting Revenue

Travelers Cos. beat analysts’ profit estimates for the sixth consecutive quarter as higher investment income and record underwriting revenue helped the insurer shrug off sizable catastrophe losses brought on by Hurricane Ida and other natural disasters.

Pretax catastrophe losses climbed in the third quarter to $501 million from $397 million a year earlier, according to a statement Tuesday. Net premiums written clocked in at a record $8.3 billion, rising 7% from the same quarter last year. Retention was also higher.