Travelers 1Q profit slips on catastrophes

Travelers Cos. says that costs of insuring against the damage caused by the Chilean earthquake and severe winter weather in the eastern United States led to a 2 percent decline in its first-quarter profit.

Travelers has operations in Naperville.

The New York commercial and property insurer said Friday its net income dipped to $647 million from $662 million a year ago. Nut earnings per share rose to $1.25 from $1.11 as the company had fewer shares outstanding.

Excluding items, it says operating profit totaled $1.22 cents per share -- missing analysts' average estimate of $1.36 per share.

The lower profit reflected $312 million, or 61 cents per share, in catastrophe losses tied to several severe winter, wind and hail storms in the eastern United States, as well as the Chilean earthquake.