Travelers Cos. Inc. said its preliminary estimate of net losses from Superstorm Sandy was about $650 million after tax.
It estimates a gross loss of $1.135 billion excluding expected recoveries from reinsurance, the company said in a statement.
The company also said it intends to resume share buybacks that it had temporarily suspended to assess its exposure to the storm.
Sandy is likely to be the second-costliest disaster in U.S. history, behind only Hurricane Katrina. Industry experts estimate insured losses of as much as $25 billion, excluding claims paid by the federal flood insurance program.
Allstate Corp. said last week that it expects to report October disaster losses of $1.08 billion, mostly due to Superstorm Sandy.
© 2022 Thomson/Reuters. All rights reserved.