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Texas storms hit insurer Travelers profit

Vehicles are left stranded on Interstate 45 in Houston, Texas on May 26, 2015.
Aaron M. Sprecher | AFP | Getty Images
Vehicles are left stranded on Interstate 45 in Houston, Texas on May 26, 2015.

Property and casualty insurer Travelers reported a 17 percent fall in quarterly net profit on Thursday as catastrophe losses nearly doubled, mainly due to hail storms in Texas in late March.

The company's net income fell to $691 million, or $2.30 per share, in the first quarter ended March 31 from $833 million, or $2.55 per share, a year earlier.

Catastrophe losses, net of reinsurance, jumped to $318 million from $162 million.

Travelers, the first big U.S. insurer to report quarterly results, increased its quarterly dividend to 67 cents from 61 cents.