Travelers Cos. posted the biggest gain in the Dow Jones Industrial Average after fourth-quarter profit beat estimates on higher income from its investment portfolio, increased sales and a benefit from reserves.
Allstate Corp., the largest publicly traded U.S. auto and home insurer, said catastrophes cost $1.08 billion before taxes in October as superstorm Sandy lashed states including New York and New Jersey.
New Zealand’s deadliest earthquake in eight decades, which toppled buildings and trapped workers in Christchurch, the country’s second-largest city, may lead to higher prices for reinsurance in the Asia-Pacific region.
Berkshire Hathaway Inc.’s Franklin “Tad” Montross faulted Wall Street and private-equity firms for creating rival sellers of reinsurance that he said may not have the backing of their founders in three to five years.
Chubb Corp., which mocked rivals for receiving federal aid during the 2007-2009 financial crisis, is leading the largest publicly traded U.S. insurance firms by producing the highest risk-adjusted return.