Profits down one-third at Travelers for 2017
Cost of California wild fires impact the final quarter.
Travelers has reported that net written premium grew by 5% in 2017 to $26.2bn [£18.6bn].
Profit for the 12 months dropped by 32% to $2.1bn.
Likewise the combined operating ratio (COR) deteriorated from 92% in 2016 to 97.9% last year.
California
The US-based provider flagged that catastrophe losses in the fourth quarter of 2017 included a $656m pre-tax ($426m after-tax) hit arising out of wildfires in California.
For the quarter net written premium was up 6% to $6.4bn compared to the same
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