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

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.

Residents are evacuated from their flooded apartment complex Tuesday, April 19, 2016, in Houston. Storms have dumped more than a foot of rain in the Houston area, flooding dozens of neighborhoods.
Houston faces catastrophic losses after floods