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Fly News Breaks for October 24, 2019
TRV
Oct 24, 2019 | 08:27 EDT
Argus analyst Jacob Kilstein lowered his price target on Travelers to $145 after its Q3 results, saying earnings were down 45% from last year due to the net unfavorable prior-year reserve development around an increase in lawsuit payments and jury awards for liability insurance. The analyst is also lowering his FY19 EPS view by $1.25 to $9.49 to reflect the Q3 earnings miss and the slower premium growth in the Bond & Specialty Insurance segment, along with the "consistently sluggish" reserve releases.
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