January 22, 2019 / 2:57 PM / a year ago

Insurer Travelers to slow underwriting new business in California

FILE PHOTO: A vineyard burns overnight during a wildfire that destroyed dozens of homes in Thousand Oaks, California, U.S. November 9, 2018. REUTERS/Eric Thayer

(Reuters) - Property and casualty insurer Travelers Cos Inc (TRV.N) said on Tuesday it is slowing underwriting new business in California due to wildfire risks.

The company’s shares fell as much as 2 percent in early trading, even as it reported better-than-expected profit and revenue in the fourth quarter.

Travelers also plans to raise rates of commercial auto insurance, the company said on a conference call.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shounak Dasgupta

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