US No.2 insurer says its growth comes from AIG and others
US insurer Travelers raised its 2009 operating earnings outlook by about five cents a share and said it was benefiting from the troubles of AIG and other weakened competitors, Reuters reports.
Chief executive Jay Fishman said that the gap between Travelers' policy sales and those of competitors had widened in the fourth and first quarters.
The company was winning customers away from rivals, including AIG.
"A flight to quality -- there is no doubt there is one," said Fishman. He added that feedback from agents and brokers was that "many are concerned some companies won't have the capacity to service customers."
Fishman made no predictions for revenue in future periods.
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