St. Paul Travelers' second-quarter net income skyrocketed to $1.07 billion from a loss of $275 million in the same period last year.
Company CEO Jay Fishman said the company is retaining a "historically high" number of clients, and that new business premiums in commercial and specialty segments were higher than in each of the three prior quarters.
But last year's results were skewed by more than $1 billion of charges after regulators suggested that St. Paul treat about $1.6 billion of increased claims reserves as expenses.
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