Travelers misses consensus as releases slow

US bellwether Travelers saw its operating or core income fall by
12.0 percent year-on-year to $614mn in the first quarter,
equivalent to $2.17 per diluted share, as it missed analyst
expectations by 20 cents.
The decrease was driven by a weaker underwriting performance as
lower prior-year releases that included a $62mn Ogden impact
combined with deteriorating underlying results and a modest
increase in catastrophe losses.
Keefe, Bruyette & Woods analyst Meyer Shields said he
expected Travele