Travelers Q1 profit hit by cat claims
US property insurer’s first-quarter profit dropped 2.3% as the cost of its catastrophe claims increased more than fivefold.
Net income fell to $647m, from $662m in Q1 2009.
Premium revenue dropped around 1.3% to $5.2bn from $5.3bn.
Travelers had catastrophe costs of $471m before taxes, compared with $83m a year earlier
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