TRAVELERS INCOME RISES 22% DESPITE RECORD FIRST-QUARTER CAT LOSSES

US insurer Travelers Cos saw its first-quarter net earnings rise 22% to $733m despite a more than doubling of catastrophe losses to a first-quarter record of $835m. Adjusted income per share rose to $2.73 from $2.62 and beat analysts’ forecast of $2.44. With the cat losses (which were primarily tied to US winter and wind storms), the New York-based group’s underwriting profit fell 25% to $217m and the combined ratio added 1.1 points to 96.6%. Net written premiums for the quarter grew 2.2% to $7.51bn, missing analysts’ forecast of $7.55bn. “The strength of our underwriting and investment expertise enabled us to deliver strong profitability, notwithstanding the severe winter,” said Travelers chairman and chief executive Alan Schnitzer. “As a result, we are off to a terrific start to the year.”