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					From Wikipedia, the free encyclopedia

The Travelers Companies

The Travelers Companies
The Travelers Companies, Inc.

Type Founded

Headquarters Key people Industry 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 Public (NYSE: TRV) insurance and insurance-related services Incorporated as St. Paul Fire & in the United States Marine in 1853. Merger of The St. • Financial, Professional & International Paul Companies and Travelers Insurance, which includes surety, crime, Property Casualty Corp. in 2004 and financial liability businesses which Saint Paul, Minnesota, USA; moved to primarily use credit-based underwriting New York City in March 2009 [1] processes, as well as property and Jay Fishman, Chairman & CEO casualty products that are predominantly marketed on an international basis Insurance, property & casualty
insurance, risk management Insurance policies are contracted and sold primarily through independent agents or an insurance broker. ▲$24.477 billion USD (2008)[2] ▲ $3.716 billion USD (2008)[2] ▲ $2.924 billion USD (2008).[2] ~33,000 (2008) www.travelers.com

History

Revenue Operating income Net income Employees Website

The Travelers Companies (NYSE: TRV) is the largest American insurance company by market value.[3] It is also the second largest writer of commercial property casualty and personal insurance in the United States. Travelers has significant operations in New York, New York, Hartford, Connecticut and St. Paul, Minnesota. The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, Shanghai and Canada. In 2008, the company reported revenues of US $24 billion and total assets of US $110 billion. Travelers, through its subsidiaries and approximately 14,000 independent agents and brokers, provides commercial and personal property and casualty insurance products

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 The Travelers Companies, Inc. are The St. Paul Companies, Inc. and Travelers Property Casualty Corporation. Saint Paul Fire and Marine Insurance Co. was founded March 5, 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

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From Wikipedia, the free encyclopedia
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.[4] Travelers was founded in 1864 in Hartford. 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.[5] In the 1990s, it went through a series of mergers and acquisitions. It was bought by Primerica in 1993[6], but the resulting company retained the Travelers name. In 1995 it became The Travelers Group[5]. It bought Aetna’s property and casualty business in 1996.[7] In 1998, the Travelers Group merged with Citicorp to form Citigroup.[6] 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 subsidiary company in 2002[8], although it kept the red umbrella logo. Three years later, Citigroup sold Travelers Life & Annuity to MetLife.[9] In 2003, Travelers bought renewal rights for Zenith’s Commercial businesses.[10]

The Travelers Companies

Philanthropy
Travelers provides support for charitable organizations through the Travelers Foundation and with corporate funding and in-kind services. The company’s community giving is primarily focused on public education reform and improving academic and career success for underrepresented youth in Saint Paul, Minn. and Hartford, Conn. The remainder of Travelers’ civic and charitable giving resources in those cities support targeted local needs in the areas of community development and the arts.[13]

Alleged anticompetitive practices
In January 2007, Travelers agreed to pay US$ 77 million to six states to settle a class action suit and end investigations into its insurance practices.[14] The charges involved paying the insurance broker Marsh & McLennan Companies contingent commissions to win business without the knowledge of clients, thus creating a conflict of interest.[15] Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting fake bids,[16] thus misleading clients into believing they were receiving competitive commercial premiums.[17]

Advertising
St. Paul Travelers logo used until February 2007 In 2004, the St. Paul and Travelers Companies merged and renamed itself St. Paul Travelers, with the headquarters set in St. Paul, Minnesota. 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.[11][12] Travelers is currently 99 on the Fortune 500 list of largest U.S. companies. The original logo of the red umbrella started in 1870 when it appeared in a newspaper ad for the young insurance company. It was revived in the late 1950s, when it was given its signature red color by Harry W. Knettell, then the account executive for The Travelers and Vice President at the Charles Brunelle advertising agency. During the late 1950s Charles Brunelle was the largest advertising agency in Hartford, a city known as "the insurance capital of the world" due to the many insurance companies in that town. The Travelers was one of their many insurance company clients. In 2006, the company introduced a new brand advertising campaign, including four television commercials: Bridge, Boxer, Snowball and Shark. The commercials tell stories of ever-changing risks and the importance of keeping your insurance "in-synch." In 2007,

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From Wikipedia, the free encyclopedia
the company added two additional commercials to the campaign, Risk and Luck, and Snowball was nominated for an Emmy. Snowball featured a man, walking down a steep San Francisco sidewalk, who trips and knocks over a table of items at a garage sale. The man and the items roll down the street, forming a ball which gathers garbage cans, pedestrians, construction materials, motorcycles, light poles, and other items, in a manner very reminiscent of the familiar cartoon "snowball" effect or the cult video game Katamari Damacy.[18] The creators of the ad say it is simply based on the snowball effect, they’ve never heard of the game, and that the resulting similarity was a surprise to them.[19] Also in 2007, the company secured naming rights for an annual event to be called the Travelers Championship golf tournament, formerly the Greater Hartford Open, on the PGA Tour. As of April 2008, The Travelers has purchased back the rights to the famous Red Umbrella. The Red Umbrella is now featured in an adwith Paul Freeman. In October 2008, Travelers launched two new TV commercials featuring Freeman--"Cheesecake" and "No Worries."

The Travelers Companies
[7] Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers, Aetna press release, April 2, 1996 [8] Citigroup Announces Completion of its Spin-off of Travelers Property Casualty, Citigroup press release, August 20, 2002 [9] MetLife Completes Acquisition Of Travelers Life & Annuity, MetLife press release, July 1, 2005. [10] Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance, Travelers Property Casualty Press Release, September 3, 2003. [11] St. Paul Travelers to return to former Red Umbrella logo, St. Paul Travelers press release, February 13, 2007 [12] "The Travelers Companies, Inc.", "TRV" and Travelers Red Umbrella Now Official, Travelers press release, February 26, 2007 [13] Travelers 2008 Charitable Contributions Exceed $19 Million, Travelers press release, February 23, 2009 [14] http://www.chron.com/disp/story.mpl/ap/ fn/5429349.html [15] Travelers to Pay $6 Million, Ending Inquiry on Brokers’ Fees - New York Times [16] UPDATE 1-Travelers to settle compensation case with states | Markets | Bonds News | Reuters [17] AG wraps up insurance bid-rigging investigation - El Paso Times [18] Real-life Katamari in Travelers Insurance ad, Zach Stern, September 25, 2006 [19] Travelers ad imitating Katamari: just coincidence, Zach Stern, September 28, 2006

References
[1] Christa Meland, "Travelers Moves Executive Offices to New York Twin Cities Business News, March 2009 (retrieved on May 17, 2009) [2] ^ Travelers Companies Inc Financial Supplement - Fourth Quarter 2008, Travelers press release, January 27, 2009 [3] Bloomberg.com - Travelers Rises as Quarterly Profit Beats Estimates [4] St. Paul Travelers profile, New York Times, powered by Vault. Accessed March 1, 2007. [5] ^ Citigroup history - Travelers [6] ^ Primerica Financial Services history, Citigroup. Accessed March 2, 2007

External links
• Company home page

Retrieved from "http://en.wikipedia.org/wiki/The_Travelers_Companies" Categories: Companies listed on the New York Stock Exchange, Companies based in Saint Paul, Minnesota, Companies based in New York City, Insurance companies of the United States, Companies established in 1853, Companies formerly listed on the London Stock Exchange

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From Wikipedia, the free encyclopedia

The Travelers Companies

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