Travelers Spends Record Amount on Buybacks and 2 Other Dow Movers to Watch
Travelers Cos. Inc. (NYSE:TRV): Current price $83.23
Travelers has spent a record amount of money on share buybacks in the present quarter while it benefits from lower costs connected with severe natural disasters. From July 1 through Wednesday, the insurer repurchased $633 million worth of stock, bringing its 2013 total to roughly $1.2 billion, CEO Jay Fishman said Thursday at a Barclays conference. Thus far in the third quarter, catastrophe costs have totaled around $30 million after taxes. Domestic property insurers are benefiting in 2013 from calmer weather after tornadoes and other natural disasters made claims costs spike in recent years.