The Travelers
The Travelers Companies is the
second largest underwriter of commercial property casualty and personal
insurance
in the United
States. The company is headquartered in St.
Paul, Minnesota and has major operations in Hartford,
Connecticut.
The company has field offices in every
U.S. state, plus operations in the United
Kingdom, Ireland
and Canada.
In 2005, the company reported revenues
of US$24.4
billion and total assets
of US$113.2 billion.
Travelers, through its subsidiaries
and approximately 14,000 independent agents and brokers, provides
commercial and personal property and casualty insurance products and
services to businesses, government units, associations, and individuals.
The company offers insurance through three segments:
- Personal Insurance, which includes home, auto and other insurance products for individuals
- Business Insurance, which includes a broad array of property and casualty insurance and insurance-related services in the United States
- Financial, Professional & International Insurance, which includes surety, crime, and financial liability businesses which primarily use credit-based underwriting processes, as well as property and casualty products that are predominantly marketed on an international basis
History
Top: The familiar umbrella
logo of the Travelers, used until its spinoff from Citigroup. Bottom:
The logo the The St. Paul used prior to the merger with Travelers.
The main predecessor companies of
Travelers are the St. Paul Companies and Travelers Property Casualty
Corporation.
The St. Paul Companies
was founded in 1853 in St. Paul, Minnesota, serving local customers
who were having a difficult time getting claim payments in a timely
manner from insurance companies on the east coast of the United States.
It barely survived the Panic
of 1857 by dramatically paring down its operations and later reorganizing
itself into a stock
company (as opposed to a mutual
company). It soon spread its operations across the country. In
1998 it acquired USF&G,
known formerly as United States Fidelity and Guaranty Company, an
insurance company based in Baltimore,
Maryland, but was forced to downsize by almost half due to a competitive
marketplace.
Travelers was founded in 1864 in Hartford,
Connecticut. Along the way it had many industry firsts, including
the first automobile policy, the first commercial airline policy,
and the first policy for space travel.
In the 1990s, it went through a series
of mergers and acquisitions. It was bought by Primerica
in 1993, but the resulting company retained the Travelers name. In
1995 it became The Travelers Group[3].
It bought Aetna's
property and casualty business in 1996
In 1998, the Travelers Group merged with Citicorp to form Citigroup.
However, the synergies between the banking and insurance arms of the
company did not work as well as planned, so Citigroup spun off Travelers
Property and Casualty into a subsidary company in 2002, although it
kept the red umbrella
logo.
Three years later, Citigroup later sold Travelers Life & Annuity
to MetLife.
In 2003, Travelers bought renewal
rights for Zenith's Commercial businesses. In 2004, Travelers merged
with the St. Paul Companies and renamed itself St. Paul Travelers.
This corporate name lasted until 2007, when the company repurchased
the rights to the famous red umbrella logo from Citigroup and readopted
it as its main corporate symbol, while also changing the corporate
name to The Travelers Companies.
Philanthropy
Travelers provides support for charitable organizations in the community through two private foundations, Travelers Foundation and Travelers Connecticut Foundation. Travelers' community giving remains focused on community development, education, the arts, and culturally diverse programs. The company's employees are consistently active in community initiatives and give thousands of hours in volunteer time each year. In 2006, its two private foundations contributed up to $15 million dollars.
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