- The Travelers Companies
company_name = The Travelers Companies, Inc.
company_type = Public (NYSE|TRV)
foundation = Incorporated as St. Paul Fire & Marine in 1853. Merger of The St. Paul Companies and Travelers Property Casualty Corp. in
St. Paul, Minnesota, USA
key_people = Jay Fishman, Chairman & CEO
Insurance, property & casualty insurance, risk management
revenue = profit$26 billion USD (
2007) [http://investor.travelers.com/phoenix.zhtml?c=177842&p=irol-newsArticle&ID=1101095&highlight= Travelers Companies Inc Financial Supplement - Fourth Quarter 2007] , Travelers press release, January 29, 2008]
operating_income = profit $4.5 billion USD (
net_income = profit $4.6 billion USD (
num_employees = ~33,300 (2007)
products = Insurance policies are contracted and sold primarily through independent agents or an
homepage = [http://www.travelers.com/ www.travelers.com]
The Travelers Companies (NYSE|TRV) is the second largest writer of commercial property casualty and personal
insurancein the United States. The company is headquartered in St. Paul, Minnesotaand has major operations in Hartford, Connecticut.
The company has field offices in every U.S. state, plus operations in the
United Kingdom, Ireland, Singapore, Shanghaiand Canada. In 2007, the company reported revenues of US $26 billion and total assetsof US $115 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
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 1857by 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. [ [http://jobs.nytimes.com/texis/company?compid=42cc448c57c3d0 St. Paul Travelers profile] , New York Times, powered by Vault. Accessed March 1, 2007.]
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. [http://www.citigroup.com/citigroup/corporate/history/travelers.htm Citigroup history - Travelers] ]
In the 1990s, it went through a series of mergers and acquisitions. It was bought by
Primericain 1993 [http://www.citigroup.com/citigroup/corporate/history/primerica.htm Primerica Financial Services history] , Citigroup. Accessed March 2, 2007] , but the resulting company retained the Travelers name. In 1995 it became The Travelers Group. It bought Aetna's property and casualty business in 1996. [ [http://www.aetna.com/news/1996/pr_19960402.htm Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers] , Aetna press release, April 2, 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 subsidiary company in 2002 [ [http://www.citigroup.com/citigroup/press/2002/020820a.htm Citigroup Announces Completion of its Spin-off of Travelers Property Casualty] , Citigroup press release, August 20, 2002] , although it kept the red umbrella logo. Three years later, Citigroup later sold Travelers Life & Annuity to MetLife. [ [http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,4132,P7328%255ES686,00.html MetLife Completes Acquisition Of Travelers Life & Annuity] , MetLife press release, July 1, 2005.]
Travelers is currently 93 on the Fortune 500 list of largest U.S. companies.
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. [ [http://investor.travelers.com/phoenix.zhtml?c=177842&p=irol-newsArticle&ID=974751&highlight= Travelers 2006 Annual Charitable Contributions Top $15 Million] , Travelers press release,
March 16, 2007]
Alleged anticompetitive practices
In January 2007, Travelers agreed to pay US$ 77 million to six states to settle a class action suit and end investigations into its insurance practices. [http://www.chron.com/disp/story.mpl/ap/fn/5429349.html] 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. [ [http://www.nytimes.com/2008/01/01/business/01insure.html?ref=business Travelers to Pay $6 Million, Ending Inquiry on Brokers’ Fees - New York Times ] ] Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting fake bids, [ [http://www.reuters.com/article/bondsNews/idUSN3155618220071231 UPDATE 1-Travelers to settle compensation case with states | Markets | Bonds News | Reuters ] ] thus misleading clients into believing they were receiving competitive commercial premiums. [ [http://www.elpasotimes.com/newupdated/ci_7873208 AG wraps up insurance bid-rigging investigation - El Paso Times ] ]
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, 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"Fact|date=July 2008. [ [http://www.joystiq.com/2006/09/25/real-life-katamari-in-travelers-insurance-ad/ Real-life Katamari in Travelers Insurance ad] , Zach Stern, September 25, 2006] 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. [ [http://www.joystiq.com/2006/09/28/travelers-ad-imitating-katamari-just-coincidence/ Travelers ad imitating Katamari: just coincidence] , Zach Stern, September 28, 2006]
Also in 2007, the company sponsored the [http://www.travelerschampionship.com 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 [http://youtube.com/watch?v=-Sbczq_iTOU ad] with
* [http://www.travelers.com/ Company home page]
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