St. Paul Travelers Ivan Losses Around $94 Million

St. Paul Travelers announced that it estimates losses from Hurricane Ivan to be approximately $94 million, after tax and reinsurance.

It said the losses were attributable to its business segments as follows:
— Commercial, approximately $49 million;
— Specialty, approximately $26 million; and
— Personal, approximately $19 million.

“These estimated losses are expected to reduce the company’s diluted earnings per share for the third quarter of 2004 by approximately $0.14,” said the announcement. “Including the previously announced loss estimates from Hurricanes Charley and Frances, the combined losses from all three hurricanes are expected to reduce the company’s diluted earnings per share for the third quarter of 2004 by a total of approximately $0.45. Estimated losses from Hurricane Jeanne are currently not available.”

St. Paul Travelers also noted that the company “expects to release complete third-quarter 2004 earnings after the market closes on Wednesday, Oct. 27, 2004. The news release and supplemental financial information will be available subsequently on the company’s Web site at www.stpaultravelers.com. The quarterly conference call, which will include a review of third-quarter 2004 financial results, will be held at 9 a.m. EDT (8 a.m. CDT) Thursday, Oct. 28. The call will be available in live audio on the investor section of the St. Paul Travelers Web site.