Travelers grows core income despite $354mn Q1 cat loss

Travelers posted a 10 percent increase in group Q1 core income
to $678mn, despite $354mn in pre-tax losses from US storms and
Californian mudslides.However, Q1 core income per diluted share of $2.46 missed
analyst consensus of $2.68 per share, as compiled by MarketWatch.Underwriting income grew 22 percent to $258mn for the quarter,
boosted by higher reserve releases year on year and what Travelers
called a "record" level of Q1 net earned premium (NEP),
which grew 6 percent to...