(Bloomberg) -- Even with one of the costliest hurricane seasons on record, large insurers in the U.S. tended to post third-quarter results that topped Wall Street’s estimates. The exception is American International Group Inc.
AIG announced Thursday that its loss for the period was $1.91 a share, deeper than the 79-cent average estimate of 7 analysts surveyed by Bloomberg. Travelers Cos., Progressive Corp. and Allstate Corp., which are more heavily weighted in home and auto insurance, outshined projections. AIG’s stock slipped after the results were announced.
Related: Global catastrophes cost $44 billion in losses during first half of 2017
|Rocky quarter
A rocky quarter could add to challenges at AIG, which over the past decade has been navigating higher-than-expected claims, underwriting mishaps and a revolving door of CEOs. The New York-based firm has a big presence insuring businesses and high-net-worth individuals with coverage in Florida and Texas, which were hard hit by the storms.
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