Travelers Reports Increased Net on Rates

Travelers Property Casualty Corp. (NYSE: TAP.A) yesterday reported that operating income increased 14% over the prior year quarter to $356.8 million or $0.36 per share compared to $314.3 million or $0.31 per share for the prior year quarter (adjusted to reflect the shares issued in the March 2002 initial public offering). On an unadjusted basis operating income was $0.41 per share in the prior year quarter. This increase in operating income was driven by the continuing favorable rate environment and production levels, lower catastrophe losses and the company...