Property insurer Travelers Cos Inc blew past Wall Street earnings estimates for the first quarter and raised its dividend 12 percent as natural disaster losses declined and insurance rates continued to rise after years of weakness.
The company's shares rose 3.8 percent to $61.73 in early trading Thursday, at one point touching their highest level since June 2011.
Travelers, a Dow component, said commercial insurance rates rose an average 8 percent in the quarter. On a conference call with analysts, the company indicated that strength has continued.
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