Travelers estimates $650m Sandy loss

Travelers Companies expect to take an after tax hit of $650m from superstorm Sandy.

The US insurer put out the preliminary loss estimate today, which reflects a before tax loss of $1.135bn.

The preliminary estimate is based on an analysis of reported and expected claims, estimated values of properties in the affected areas, estimates of damage resulting from wind and other perils, and other factors.

Travelers also announced that it intends to resume repurchasing its shares. The company had temporarily suspended its share buyback activity following Sandy as it assessed its exposure to the storm.