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Insurer Travelers' profit tanks on higher catastrophe losses

Oct 19 (Reuters) - Property and casualty insurer Travelers Cos Inc reported a 59 percent drop in quarterly profit on Thursday, hurt by higher catastrophe losses from hurricanes Harvey and Irma.

Net income fell to $293 million, or $1.05 per share, for the quarter ended Sept. 30, from $716 million, or $2.45 per share a year earlier.

On a core basis, the company earned 91 cents per share. (Reporting by Nikhil Subba in Bengaluru; Editing by Bernard Orr)