Travelers Cos. Inc. stock TRV, +0.42% surged 3.5% Wednesday in premarket trading after the insurer exceeded earnings expectations for the first three months. The company reported a net income of $975m, or $4.13 per share, compared to $1.018b, or $4.15 per share, during the same period last year. The adjusted earnings per share came in at $4.11, which was well above the FactSet consensus of $3.56. The revenue rose by 10% from $8.809 to $9.704 Billion, which is also higher than the $9.340 Billion FactSet consensus. Net written premiums increased 12% to $9.396 Billion. The company’s combined ratio underlying, which is a measure for overall profitability, was 90.6%. Alan Schnitzer, the chief executive of the company, said that the company’s numbers were particularly pleasing given the severe weather activity during the quarter. This included a major winterstorm. The company’s catastrophe losses were “elevated” to $535 million, pre-tax. However, the underwriting profit was $367 million. Net investment income increased to $663 from $637 millions a year earlier. Schnitzer said the year had a “terrific” start. The stock fell 8% year-to-date, while Dow Jones Industrial Average Dow Jones Industrial Average gained 2.5%.