Travelers TRV 5.61% Cos. is moving in the right direction, but it hasn’t arrived there yet. Travelers’ losses and related costs were 94.9% of its total earned premiums, down from 101.5% a year ago. Travelers shares were up more than 4% Tuesday morning and are now down just less than 15% on the year. Times aren’t normal with Covid-19 looming in the backdrop, but perhaps surprisingly, the pandemic is now almost acting like a tailwind to underwriting results. Like with banks reserved for credit losses that haven’t yet arrived, Travelers said it is very conservatively approaching this phenomenon.

Source: Wall Street Journal October 20, 2020 17:03 UTC