The Hartford says gross Sandy losses at $370M

The Hartford says Superstorm Sandy caused gross losses of $370 million

Associated Press

HARTFORD, Conn. (AP) -- The Hartford Financial Services Group Inc. said Tuesday that it had an estimated $370 million in gross losses due to Superstorm Sandy, before taxes.

The insurance company estimates that net catastrophe losses for the quarter that ended Nov. 30 are $230 million, after tax.

The Hartford said that about 60 percent of its losses were in the commercial segment, and 40 percent in consumer policies.

Shares of the Hartford, Conn., company rose 9 cents to $21.91 in midday trading. They are 6 percent below their high of $23.29 set in mid-March. Its shares traded as low as $14.95 almost a year ago.

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