The Travelers Cos. has repurchased more than half of the company’s outstanding shares since 2006, Chairman and CEO Jay Fishman said Wednesday at the Barclays Capital Global Financials Conference in New York.
The property-casualty insurer spent $633 million during the third quarter through Tuesday to buy back shares for a total of about $1.23 billion spent so far this year. The company has 373.5 million shares outstanding. Travelers’ stock closed at $83.73 on Wednesday, up 59 cents on the day Fishman announced the buybacks.
Fishman also noted how the third quarter — July 1 through Sept. 30 — has been tame so far in terms of expenses related to natural disasters. Travelers has paid about $30 million in catastrophe losses so far for the third quarter, after tax. Some of that is related to storms that happened during the second quarter, between April and June.
“The third quarter, as everyone knows, has been benign and quiet from a wind storm perspective,” Fishman said.
Last year, Travelers reported $59 million in catastrophe losses for the third quarter.