Changes
→Alleged anticompetitive practices
{{Infobox company
| name = The Travelers Companies, Inc.
| logo = [[Image:The Travelers Companies.svg|Travelers logo]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|TRV}}<br />[[Dow Jones Industrial Average|DJIA Component]]<br />[[S&P 500|S&P 500 Component]]
| industry = [[Insurance]]
| predecessor = [[Citigroup]]
| foundation = {{start date and age|1853}} (as St. Paul Fire & Marine)<br>{{start date|2004}} (as The Travelers Companies)
| location = [[New York City]], [[New York (state)|New York]], [[United States]]<ref name="HQ">[http://minnesota.publicradio.org/display/web/2009/03/11/travelers_ny/ Travelers' NYC address = HQ move?]</ref>
| key_people = [[Alan D. Schnitzer]]<br>{{small|(Chairman and CEO)}}<br>Jay S. Benet<br>{{small|(Vice Chairman)}}
| products = [[Insurance policy|Insurance policies]]<br>[[Risk management]]
| revenue = {{increase}} {{US$|28.902 billion|link=yes}} {{small|(2017)}}<ref name=“10-K”>{{cite web|url=https://www.sec.gov/Archives/edgar/data/86312/000104746918000812/a2234469z10-k.htm |title=The Travelers Companies, Inc. 2017 Annual Report (Form 10-K) |date=January 2018 |publisher=[[U.S. Securities and Exchange Commission]] |website=sec.gov}}</ref>
| operating_income = {{decrease}} {{US$|2.730 billion}} {{small|(2017)}}<ref name=“10-K” />
| net_income = {{decrease}} {{US$|2.056 billion}} {{small|(2017)}}<ref name=“10-K” />
| assets = {{increase}} {{US$|103.483 billion}} {{small|(2017)}}<ref name=“10-K” />
| equity = {{increase}} {{US$|23.731 billion}} {{small|(2017)}}<ref name=“10-K” />
| num_employees = ~30,800 {{small|(December 2017)}}<ref name=“10-K” />
| homepage = [http://www.travelers.com Travelers.com]
}}
[[Image:Travelers Tower, Hartford CT.jpg|thumb|right|200px|<center>Travelers Tower<br>in [[Hartford, Connecticut]]</center>]]
'''The Travelers Companies, Inc.''' is an American insurance company. It is the second largest writer of U.S. commercial property casualty insurance and the third largest writer of U.S. personal [[insurance]] through independent agents. Travelers is incorporated in Minnesota, with headquarters in [[New York City]] and its largest office in [[Hartford, Connecticut]]. Travelers also maintains a large office in [[St. Paul, Minnesota]].<ref name="HQ"/> It has been a component of the [[Dow Jones Industrial Average]] since June 8, 2009.<ref>{{Cite news|url=https://www.nytimes.com/2009/06/02/business/02dow.html|title=Travelers and Cisco Replace G.M. and Citi in Dow|last=The Associated Press|date=2009-06-01|work=The New York Times|access-date=2017-04-19|issn=0362-4331}}</ref>
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, [[Singapore]], China, Canada, and Brazil. In 2014, the company reported [[revenue]]s of [[United States dollar|US $]]27 billion and total [[assets]] of US $103 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
* ''Bond and Specialty 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 ==
[[Image:150px-sttravlogo.png|thumb|200px|right|''Top'': The familiar umbrella logo of the Travelers, used until its spinoff from Citigroup. ''Bottom'': The logo that 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 and later reorganizing itself into a [[Joint-stock company|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]], for $3.9 billion in stock and assumed debt.<ref>{{Cite news|url=https://www.wsj.com/articles/SB124386244318072033|title=Travelers, Cisco Replace Citi, GM in Dow|last=Browning|first=E.S.|date=2009-06-01|access-date=2017-04-19|issn=|newspaper=The Wall Street Journal}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/SB885253693813634000|title=St. Paul to Acquire USF&G In $2.8 Billion Stock Swap|last=Journal|first=Leslie Scism Staff Reporter of The Wall Street|date=1998-01-20|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-28}}</ref> By buying USF&G, they went from the 13th to the eighth largest property and casualty insurance company in the United States. Through economies of scale between the two companies, and a difficult business environment, they downsized the company substantially over the coming years by selling certain business units to focus on more profitable business units.<ref>{{Cite web|url=http://www.referenceforbusiness.com/history2/93/The-St-Paul-Travelers-Companies-Inc.html|title=The St. Paul Travelers Companies, Inc. - Company Profile, Information, Business Description, History, Background Information on The St. Paul Travelers Companies, Inc.|website=www.referenceforbusiness.com|access-date=2016-11-13}}</ref><ref>{{Cite news|url=https://www.mprnews.org/story/2007/02/13/stpaultravelers|title=Travelers drops the "St. Paul." Will it drop the other shoe?|last=Moylan|first=Martin|access-date=2016-12-28}}</ref>
'''Travelers''' was founded in 1864 in Hartford. It was founded to provide [[travel insurance]] to [[Rail transport|railroad]] travelers at a time when travel was far more risky and dangerous than today, hence the name. 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.<ref name="travelers_history">[https://web.archive.org/web/20080618053219/http://www.citigroup.com/citigroup/corporate/history/travelers.htm Citigroup history - Travelers]</ref> It also established and operated the world's first privately-owned weather research facility, the [[Travelers Weather Research Center]], which was the first organization to state weather predictions by probabilities ("20% chance of rain"). By the early 1990s, Travelers was predominantly a general property and casualty insurer that also happened to do some travel insurance on the side, and it quietly exited its original business in 1994. What was left of Travelers' travel insurance business was acquired by three former employees and is now known as Travel Insured International, a Crum and Forster Company.
[[File:Travelers 1993 logo.png|thumb|left|220px|The Travelers logo, ca. 1993]]
In the 1990s, it went through a series of mergers and acquisitions. It was bought by [[Primerica]] in 1993,<ref name="primerica">[https://web.archive.org/web/20080803035438/http://www.citigroup.com/citigroup/corporate/history/primerica.htm Primerica Financial Services history], Citigroup. Retrieved March 2, 2007.</ref> but the resulting company retained the Travelers name. In 1995 it became '''The Travelers Group'''.<ref name="travelers_history" /> It bought [[Aetna]]'s property and casualty business in 1996.<ref>[http://www.insuranceusa.com/news/aetna-completes-previously-announced-sale-of-propertycasualty-operations-to-travellers/ Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers], Aetna press release, April 2, 1996</ref>
In 1998, the Travelers Group merged with Citicorp to form [[Citigroup]].<ref name="primerica"/> 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,<ref>[https://web.archive.org/web/20070930160819/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</ref> although it kept the red [[umbrella]] [[logo]]. Three years later, Citigroup sold Travelers Life & Annuity to [[MetLife]].<ref>[https://web.archive.org/web/20070927210552/http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,4132,P7328%5eS686,00.html MetLife Completes Acquisition Of Travelers Life & Annuity], MetLife press release, July 1, 2005.</ref> In 2003, Travelers bought renewal rights for Royal & SunAlliance Personal Insurance and Commercial businesses.<ref>[http://www.businesswire.com/news/home/20030903005927/en/Travelers-Property-Casualty-Corp.-Buys-Renewal-Rights Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance], Travelers Property Casualty Press Release, September 4, 2003.</ref><ref>{{Cite web|url=http://www.propertycasualty360.com/2003/03/05/travelers-buys-some-royal-sunalliance-lines|title=Travelers Buys Some Royal & SunAlliance Lines|website=www.propertycasualty360.com|access-date=2016-12-28}}</ref>
In 2004, the St. Paul and Travelers Companies merged and renamed itself '''St. Paul Travelers''', with the headquarters set in St. Paul, Minnesota.<ref>{{Cite news|url=https://www.nytimes.com/2003/11/18/business/16-billion-deal-joins-st-paul-and-travelers.html|title=$16 Billion Deal Joins St. Paul and Travelers|last=Treaster|first=Joseph B.|date=2003-11-18|newspaper=The New York Times|issn=0362-4331|access-date=2016-12-28}}</ref> In August of that year, it was charged of misleading statements associated with the merger.<ref>{{cite web|url=http://securities.stanford.edu/filings-case.html?id=103202|title=The St. Paul Travelers Companies, Inc. : Travelers Property Casualty Corp.'s Class A and Class B common stock Securities Litigation|last=|first=|date=|website=Stanford Law School|accessdate=April 19, 2017}}</ref><ref>{{Cite web|url=http://securities.stanford.edu/filings-case.html?id=103202|title=Securities Class Action Clearinghouse: Case Page|website=securities.stanford.edu|access-date=2016-12-28}}</ref> Despite many assurances from CEO Jay Fishman that the newly formed company would retain the St. Paul name, the corporate name only 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'''.<ref>{{Cite news|url=https://www.wsj.com/articles/SB117137765766107222|title=Citigroup Sells Red Umbrella Logo to St. Paul|last=Riley|first=Clint|date=2007-02-14|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-28}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2007/02/13/business/worldbusiness/13iht-Citi.4584548.html|title=Citigroup folds its umbrella logo - Business - International Herald Tribune|last=Merced|first=Michael J. De La|date=2007-02-13|newspaper=The New York Times|issn=0362-4331|access-date=2016-12-28}}</ref><ref>{{cite web |title=St. Paul Travelers To Change Company Name To Travelers And Bring Back Iconic Red Umbrella |url=http://investor.travelers.com/file/Index?KeyFile=3415068 |publisher=Business Wire |accessdate=2 September 2018 |date=13 February 2007}}</ref><ref>{{Cite web|url=http://adage.com/article/news/travelers-reunites-red-umbrella/114972/|title=Travelers Reunites With Red Umbrella|last=Mullman|first=Jeremy|date=February 13, 2007|website=Advertising Age|access-date=April 19, 2017}}</ref>
Many of Travelers' ancestor companies, such as St. Paul and [[USF&G]], are technically still around today, and still write policies and accept claims in their own names (under the overarching Travelers brand name). As is typical of most [[Insurance in the United States|insurers in the United States]], Travelers never dissolved the various companies it acquired, but simply made them wholly owned subsidiaries and trained its employees to act on behalf of those subsidiaries. This is a common risk management strategy used by U.S. insurance groups. If any one company in the group gets hit with too many claims, the situation can be easily contained to that one company (which is placed in runoff and allowed to run its policies to completion), while the remainder of the group continues to operate normally.
In November 2010, Travelers entered into a [[joint venture]] agreement under which the company would invest in J. Malucelli Participações em Seguros e Resseguros S.A., the market leader in the surety insurance business in Brazil. The transaction closed in June 2011 with Travelers acquiring a 43.4 percent interest. Travelers' investment in newly issued shares significantly increased J. Malucelli's capital level, positioning it for substantial growth in Brazil. At the time, Travelers had the option to increase its investment to retain a 49.5 percent interest, which the company later did in 2012.<ref>{{cite news|url=https://www.forbes.com/2010/11/04/insurance-news-travelers-wellcare-marketnewsvideo.html |title=Travelers Taps Into Brazil With Joint Venture |publisher=Forbes |date= November 4, 2010 |accessdate=2016-08-15}}</ref>
In June 2013, Travelers announced the acquisition of [[The Dominion of Canada General Insurance Company|Dominion of Canada General Insurance Company]] from E-L Financial Corporation Limited (TSX: ELF).<ref>{{cite news|url=http://www.insurancejournal.com/news/national/2013/06/10/294852.htm |title=Travelers Eyes Canada Growth with $1.1B Acquisition of The Dominion |publisher=Insurance Journal |date= June 10, 2013 |accessdate=2016-08-15}}</ref> The transaction later closed in November 2013. The combined organization, referred to as Travelers Canada, remains headquartered in [[Toronto]].<ref>{{cite news|url=http://www.canadianunderwriter.ca/insurance/travelers-completes-acquisition-of-the-dominion-1002694838 |title=Travelers completes acquisition of The Dominion |publisher=Canadian Underwriter |date= November 1, 2013 |accessdate=2016-08-15}}</ref>
The company’s joint venture with J. Malucelli in Brazil completed the acquisition of a majority interest in Cardinal Compañía de Seguros, a Colombian start-up surety provider in September 2015. The business, which is based in [[Bogotá]], operates under the co-branded name J. Malucelli Travelers.<ref>{{cite web |title=Travelers Dives into Colombia Through Brazilian Joint Venture |url=https://www.carriermanagement.com/news/2014/12/10/132990.htm |publisher=Carrier Management |accessdate=2 September 2018 |date=10 December 2014}}</ref>
In October 2015, Travelers acquired a [[controlling interest|majority interest]] in the property casualty business of its J. Malucelli joint venture in Brazil. J. Malucelli commenced writing property casualty business in 2012.<ref>{{cite news|url=https://www.zacks.com/stock/news/192330/travelers-buys-majority-stake-in-j-malucelli-to-grow-in-brazil |title=Travelers Buys Majority Stake in J. Malucelli to Grow in Brazil |publisher=Zacks.com |date= October 2, 2015 |accessdate=2016-08-18}}</ref> The property casualty business operates under the Travelers brand and focuses on property, general liability, construction and financial insurance products. The business is based in São Paulo.
As a result of the transaction, Travelers now owns 95 percent of the property casualty business with Paraná Banco, the parent company of J. Malucelli, retaining a five percent interest. Travelers’ interest in the surety business of the J. Malucelli joint venture remains at 49.5 percent.<ref>{{cite news|url=http://www.hartfordbusiness.com/article/20151005/NEWS01/151009974/travelers-makes-major-commitment-in-brazil |title=Travelers makes major commitment in Brazil |publisher=Hartford Business Journal |date= October 5, 2015 |accessdate=2016-07-17}}</ref>
In March 2017, Travelers agreed to acquire UK-based Simply Business from Aquiline Capital Partners for approximately $490 million. Simply Business is a leading U.K. distributor of small business insurance policies, offering products online on behalf of a broad panel of carriers. It has more than 425,000 microbusiness customers covering more than 1,000 classes of business, and was named “Best Company to Work For” by The Sunday Times in 2015 and 2016. The transaction adds to Travelers' digital capabilities.<ref>{{Cite web|url=https://www.ft.com/content/d721f5fe-07fe-11e7-ac5a-903b21361b43|title=Travelers buys Simply Business for £400m in digital push|last=|first=|date=March 13, 2017|website=Financial Times|access-date=March 13, 2017}}</ref><ref>{{Cite web|url=http://www.insurancejournal.com/news/international/2017/03/13/444245.htm|title=Travelers to Buy UK-Based Simply Business for $490M|last=|first=|date=|website=Insurance Journal|access-date=March 13, 2017}}</ref><ref>{{Cite web|url=https://www.dig-in.com/news/travelers-shores-up-online-distribution-with-uk-purchase|title=Travelers shores up online distribution with U.K. purchase|last=|first=|date=|website=Digital Insurance|access-date=March 14, 2017}}</ref>
In 2018, Travelers ranked 106 on the [[Fortune 500]] list of largest U.S. companies<ref>{{Cite web|url=http://fortune.com/fortune500/travelers-cos/?iid=sr-link1|title=Travelers Cos. - Fortune 500|last=|first=|date=|website=Fortune|language=en-US|archive-url=|archive-date=|dead-url=|access-date=2018-06-22}}</ref>. On June 8, 2009, Travelers replaced its former parent Citigroup on the [[Dow Jones Industrial Average]].<ref>{{Cite news|url=http://www.wsj.com/articles/SB124386244318072033|title=Travelers, Cisco Replace Citi, GM in Dow|last=Browning|first=E. S.|date=2009-06-02|work=Wall Street Journal|access-date=2018-10-17|language=en-US|issn=0099-9660}}</ref>
On August 4, 2015, the company announced that Alan Schnitzer would succeed Jay Fishman as Chief Executive Officer effective December 1, 2015.<ref>{{cite news| url=https://blogs.wsj.com/moneybeat/2015/08/04/read-the-travelers-statement-on-alan-schnitzer-and-jay-fishman/ | work=The Wall Street Journal | date=August 4, 2015 | title=Read the Travelers Statement on Alan Schnitzer and Jay Fishman}}</ref>
On August 4, 2017, Travelers completed its previously announced acquisition of [[Simply Business]], a leading provider of small business insurance policies in the United Kingdom..<ref>{{Cite news|url=https://finance.yahoo.com/news/travelers-completes-acquisition-uk-based-200500265.html|title=Travelers Completes Acquisition of UK-Based Simply Business|access-date=2017-08-04|language=en-US}}</ref>
== Finances ==
For the fiscal year 2017, The Travelers Companies reported earnings of US$2.041 billion, with an annual revenue of US$28.902 billion, an increase of 4.6% over the previous fiscal cycle. The Travelers Companies shares traded at over $122 per share, and its market capitalization was valued at over US$33.3 billion in October 2018.<ref>{{Cite web|url=https://www.macrotrends.net/stocks/charts/TRV/travelers/revenue|title=Travelers Revenue 2006-2018 {{!}} TRV|website=www.macrotrends.net|access-date=2018-10-31}}</ref>
{| class="wikitable float-left" style="text-align: right;"
!Year
!Revenue<br />in mil. USD$
!Net Income<br />in mil. USD$
!Total Assets<br />in mil. USD$
!Price per Share<br />in USD$
!Employees
|-
|2005
|24,365
|1,622
|113,187
|29.53
|
|-
|2006
|25,090
|4,208
|115,292
|34.10
|
|-
|2007
|26,017
|4,601
|115,224
|39.91
|
|-
|2008
|24,477
|2,924
|109,632
|35.09
|
|-
|2009
|24,680
|3,622
| 109,560
|35.39
|
|-
|2010
|25,112
|3,188
| 105,656
|42.65
|
|-
|2011
|25,446
|1,414
|104,575
|47.66
|
|-
|2012
|25,740
|2,454
|104,938
|55.84
|
|-
|2013
|26,191
|3,646
|103,812
|74.34
|30,800
|-
|2014
|27,174
|3,665
|103,078
|84.40
|30,200
|-
|2015
|26,815
|3,414
| 100,184
|98.57
|30,900
|-
|2016
|27,625
|2,992
|100,245
|108.29
|30,900
|-
|2017
|28,902
|2,041
|103,483
|122.14
|30,800
|}
== 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.<ref>{{cite web|url=http://www.twincities.com/2008/01/06/travelers-to-pay-77-million-to-settle-merger-related-suit/|title=Travelers to pay $77 million to settle merger-related suit|last=Garrison-Sprenger|first=Nicole|date=January 6, 2008|website=Pioneer Press|accessdate=April 19, 2017}}{{cbignore|bot=medic}}</ref><ref>{{Cite web|url=https://www.law360.com/articles/15697/insurer-agrees-to-halt-contingent-commissions|title=Insurer Agrees To Halt Contingent Commissions - Law360|website=www.law360.com|access-date=2016-12-28}}</ref> The charges involved paying the insurance broker [[Marsh & McLennan Companies]] [[contingent commission]]s to win business without the knowledge of clients, thus creating a conflict of interest.<ref>{{cite news| url=https://www.nytimes.com/2008/01/01/business/01insure.html?ref=business | title=Travelers to Pay $6 Million, Ending Inquiry on Brokers' Fees | date=January 1, 2008 | work=The New York Times}}</ref> Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting [[Bid rigging|fake bids]],<ref>{{cite news| url=https://www.reuters.com/article/bondsNews/idUSN3155618220071231 | title=UPDATE 1-Travelers to settle compensation case with states | date=December 31, 2007 | work=Reuters}}</ref> thus misleading clients into believing they were receiving competitive commercial premiums.<ref>{{Cite news|url=http://www.insurancejournal.com/magazines/features/2008/01/13/155387.htm|title=Travelers Settles With States Over Brokers' Contingent Commissions|date=2008-01-13|work=Insurance Journal|access-date=2017-04-19|language=en-US}}</ref>
==National Football League lawsuit==
In August 2012, Travelers sued the [[National Football League]] for forcing the company and its subsidiaries to pay to defend the league for [[Concussions in American football|failing to protect players from brain injury]], in a case filed in the [[New York State Supreme Court]] called Discover Property & Casualty Co. et al. vs. National Football League et al., New York State Supreme Court, New York County, No. 652933/2012. The league had sued over three dozen insurance companies the week before in an attempt to cover the claims that players made against the league.<ref>{{cite web|url=https://news.yahoo.com/travelers-sues-nfl-over-ex-players-brain-injury-184938731--nfl.html|title=Travelers sues NFL over brain injury lawsuits - Yahoo! News|last=Ax|first=Joseph|date=2012-08-22|website=|publisher=News.yahoo.com|archive-url=https://web.archive.org/web/20121118213454/https://news.yahoo.com/travelers-sues-nfl-over-ex-players-brain-injury-184938731--nfl.html|archive-date=2012-11-18|dead-url=bot: unknown|accessdate=2012-09-15|df=}}</ref><ref>{{cite news|url=https://www.reuters.com/article/2012/08/22/insurance-nfl-lawsuit-idUSL2E8JME7O20120822?type=companyNews&feedType=RSS |title=UPDATE 1-Travelers sues NFL over brain injury lawsuits |publisher=Reuters |date= August 22, 2012|accessdate=2012-09-15}}</ref><ref>{{Cite web|url=http://www.law360.com/articles/372286/travelers-sues-nfl-over-ex-players-brain-injury-lawsuits|title=Travelers Sues NFL Over Ex-Players' Brain Injury Lawsuits - Law360|website=www.law360.com|access-date=2016-12-28}}</ref>
== Advertising ==
[[Image:205px-SPTLogotrans.png|thumb|200px|right|St. Paul Travelers logo used until February 2007]]
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 early 1960s, 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 1960s 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.<ref>Knettell family history further documented by other Hartford insurance client colleagues including former V.P. of Connecticut General Insurance</ref>{{better source|reason=The citation does not appear to be a published secondary source|date=September 2014}}
In 2006, a Travelers commercial titled Snowball was nominated for an Emmy. Snowball featured a man, walking down a steep [[San Francisco, California|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]]''.<ref name="engadget:Real-life Katamari in Travelers Insurance ad">{{cite web |last1=Stern |first1=Zack |title=Real-life Katamari in Travelers Insurance ad |url=https://www.engadget.com/2006/09/25/real-life-katamari-in-travelers-insurance-ad/ |publisher=engadget |accessdate=2 September 2018 |date=25 September 2006}}</ref> The creators of the ad say it is simply based on the [[snowball effect]], they have never heard of the game, and that the resulting similarity was a surprise to them.<ref name="engadget:Travelers ad imitating Katamari: just coincidence">{{cite web |last1=Stern |first1=Zack |title=Travelers ad imitating Katamari: just coincidence |url=https://www.engadget.com/2006/09/28/travelers-ad-imitating-katamari-just-coincidence/ |publisher=engadget |accessdate=2 September 2018 |date=28 September 2006}}</ref>
In 2007, the company secured naming rights for an annual event to be called the [http://www.travelerschampionship.com Travelers Championship] golf tournament, formerly the [[Greater Hartford Open]], on the [[PGA Tour]].
In April 2008, The Travelers purchased back the rights to the famous red umbrella, which is featured in several commercials starring [[Paul Freeman (actor)|Paul Freeman]] as well as other advertisements. In July 2008, the spot "Delivery," also starring Freeman, was nominated for an Emmy.
==Notable former employees==
*Edward Budd, former Travelers Chairman & CEO<ref>{{cite news|author=JILL ANDRESKY FRASER; Jill Andresky Fraser, the financial strategies editor at Inc., has been following the insurance industry for 10 years. |url=https://www.nytimes.com/1990/12/02/magazine/cover-story-the-travelers-rides-into-the-storm.html?partner=rssnyt&emc=rss&pagewanted=1 |title=COVER STORY - COVER STORY - The Travelers Rides Into The Storm |publisher=NYTimes.com |date=1990-12-02 |accessdate=2010-07-30}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/archive/business/1993/09/24/the-making-of-a-financial-services-empire/f482964a-05d3-4b4d-bc48-c50b39531d0f/?utm_term=.a2e317595e6d|title=The Making of a Financial Services Empire|last=Mathews|first=Jay|date=September 24, 1993|work=|accessdate=2018-09-02|publisher=Washington Post}}</ref>
*[[Robert I. Lipp]], former Travelers CEO<ref>{{cite news|url=http://articles.courant.com/1994-03-27/news/9403270109_1_job-cuts-travelers-insurance-cos-morgan-stanley|title=No Gain Without Pain At Travelers|last=Levick|first=Diane|date=1994-03-27|work=Hartford Courant|accessdate=2018-09-02|publisher=}}</ref><ref>{{Cite news|url=https://blogs.wsj.com/moneybeat/2015/08/04/new-travelers-ceo-has-family-ties/|title=New Travelers CEO Has Family Ties|last=Scism|first=Erik Holm and Leslie|newspaper=WSJ|access-date=2016-12-28}}</ref><ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=391693&privcapId=5507480|title=Robert I. Lipp J.D.: Executive Profile & Biography - Bloomberg|website=www.bloomberg.com|access-date=2016-12-28}}</ref>
*[[Joe Plumeri]], former Travelers Vice Chairman, former Chairman & CEO of [[Willis Group Holdings]], and owner of the [[Trenton Thunder]]<ref name="trentonian1">{{cite web|url=http://www.trentonian.com/article/TT/20100516/NEWS/305169970|title=Look Who's Talking: Samuel J. Plumeri Jr.|last=Edelstein|first=Jeff|date=May 17, 2010|website=The Trentonian News|publisher=The Trentonian News|accessdate=July 15, 2010}}</ref><ref name="businessweek1998">{{cite web|url=https://www.bloomberg.com/news/articles/1998-03-29/joe-plumeri-the-apostle-of-life-insurance|title=Joe Plumeri: The Apostle of Life Insurance|last=Bianco|first=Anthony|date=March 30, 1998|website=Bloomberg|publisher=[[Business Week]]|accessdate=July 15, 2010}}</ref><ref>{{Cite web|url=https://people.forbes.com/profile/joseph-j-plumeri/86637|archive-url=https://web.archive.org/web/20100930012612/http://people.forbes.com/profile/joseph-j-plumeri/86637|dead-url=yes|archive-date=2010-09-30|title=Joseph J. Plumeri Profile - Forbes.com|date=2010-09-30|access-date=2016-12-28|df=}}</ref>
*[[Sandy Weill]], former Travelers Chairman & CEO<ref>{{cite news|url=http://nl.newsbank.com/nl-search/we/Archives?p_product=ADSB&s_site=azstarnet&f_site=azstarnet&f_sitename=Arizona+Daily+Star%2C+The+%28AZ%29&p_multi=ADSB&p_theme=gannett&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EACE5C5584F1647&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Newspaper Archive |publisher=Nl.newsbank.com |date=1994-10-23 |accessdate=2010-07-30}}</ref><ref>{{cite news|url=http://articles.courant.com/1998-03-12/news/9803120731_1_travelers-stock-travelers-property-casualty-corp-options-accounting|title=Travelers Chairman Reaps $227 Million|last=Lubanko|first=Matthew|date=1998-03-12|work=Hartford Courant|accessdate=2018-09-02|publisher=}}</ref>
*[[Jay S. Fishman]], former Travelers Chairman & CEO<ref>{{Cite web|url=https://www.nytimes.com/2016/08/26/business/jay-fishman-who-led-travelers-in-fiscal-crisis-dies-at-63.html|title=Jay Fishman, Who Led Travelers Safely Through the Financial Crisis, Dies at 63|last=Singer|first=Natasha|date=2016-08-25|website=|publisher=New York Times|archive-url=|archive-date=|dead-url=|access-date=2018-09-02}}</ref>
== Notes ==
{{reflist|30em}}
== External links ==
* {{Official website|http://www.travelers.com}}
{{Finance links
| name = The Travelers Companies
| symbol = TRV
| sec_cik = 0000086312
| yahoo = TRV
| stockrow = TRV
| google = TRV
}}
{{Dow Jones Industrial Average companies}}
{{Major insurance companies}}
{{DEFAULTSORT:Travelers Companies}}
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Publicly traded companies based in New York City]]
[[Category:Insurance companies of the United States]]
[[Category:Companies established in 1853]]
[[Category:Companies in the Dow Jones Industrial Average]]
[[Category:The Travelers Companies|*]]
[[Category:Companies formed by merger]]
| name = The Travelers Companies, Inc.
| logo = [[Image:The Travelers Companies.svg|Travelers logo]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|TRV}}<br />[[Dow Jones Industrial Average|DJIA Component]]<br />[[S&P 500|S&P 500 Component]]
| industry = [[Insurance]]
| predecessor = [[Citigroup]]
| foundation = {{start date and age|1853}} (as St. Paul Fire & Marine)<br>{{start date|2004}} (as The Travelers Companies)
| location = [[New York City]], [[New York (state)|New York]], [[United States]]<ref name="HQ">[http://minnesota.publicradio.org/display/web/2009/03/11/travelers_ny/ Travelers' NYC address = HQ move?]</ref>
| key_people = [[Alan D. Schnitzer]]<br>{{small|(Chairman and CEO)}}<br>Jay S. Benet<br>{{small|(Vice Chairman)}}
| products = [[Insurance policy|Insurance policies]]<br>[[Risk management]]
| revenue = {{increase}} {{US$|28.902 billion|link=yes}} {{small|(2017)}}<ref name=“10-K”>{{cite web|url=https://www.sec.gov/Archives/edgar/data/86312/000104746918000812/a2234469z10-k.htm |title=The Travelers Companies, Inc. 2017 Annual Report (Form 10-K) |date=January 2018 |publisher=[[U.S. Securities and Exchange Commission]] |website=sec.gov}}</ref>
| operating_income = {{decrease}} {{US$|2.730 billion}} {{small|(2017)}}<ref name=“10-K” />
| net_income = {{decrease}} {{US$|2.056 billion}} {{small|(2017)}}<ref name=“10-K” />
| assets = {{increase}} {{US$|103.483 billion}} {{small|(2017)}}<ref name=“10-K” />
| equity = {{increase}} {{US$|23.731 billion}} {{small|(2017)}}<ref name=“10-K” />
| num_employees = ~30,800 {{small|(December 2017)}}<ref name=“10-K” />
| homepage = [http://www.travelers.com Travelers.com]
}}
[[Image:Travelers Tower, Hartford CT.jpg|thumb|right|200px|<center>Travelers Tower<br>in [[Hartford, Connecticut]]</center>]]
'''The Travelers Companies, Inc.''' is an American insurance company. It is the second largest writer of U.S. commercial property casualty insurance and the third largest writer of U.S. personal [[insurance]] through independent agents. Travelers is incorporated in Minnesota, with headquarters in [[New York City]] and its largest office in [[Hartford, Connecticut]]. Travelers also maintains a large office in [[St. Paul, Minnesota]].<ref name="HQ"/> It has been a component of the [[Dow Jones Industrial Average]] since June 8, 2009.<ref>{{Cite news|url=https://www.nytimes.com/2009/06/02/business/02dow.html|title=Travelers and Cisco Replace G.M. and Citi in Dow|last=The Associated Press|date=2009-06-01|work=The New York Times|access-date=2017-04-19|issn=0362-4331}}</ref>
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, [[Singapore]], China, Canada, and Brazil. In 2014, the company reported [[revenue]]s of [[United States dollar|US $]]27 billion and total [[assets]] of US $103 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
* ''Bond and Specialty 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 ==
[[Image:150px-sttravlogo.png|thumb|200px|right|''Top'': The familiar umbrella logo of the Travelers, used until its spinoff from Citigroup. ''Bottom'': The logo that 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 and later reorganizing itself into a [[Joint-stock company|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]], for $3.9 billion in stock and assumed debt.<ref>{{Cite news|url=https://www.wsj.com/articles/SB124386244318072033|title=Travelers, Cisco Replace Citi, GM in Dow|last=Browning|first=E.S.|date=2009-06-01|access-date=2017-04-19|issn=|newspaper=The Wall Street Journal}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/SB885253693813634000|title=St. Paul to Acquire USF&G In $2.8 Billion Stock Swap|last=Journal|first=Leslie Scism Staff Reporter of The Wall Street|date=1998-01-20|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-28}}</ref> By buying USF&G, they went from the 13th to the eighth largest property and casualty insurance company in the United States. Through economies of scale between the two companies, and a difficult business environment, they downsized the company substantially over the coming years by selling certain business units to focus on more profitable business units.<ref>{{Cite web|url=http://www.referenceforbusiness.com/history2/93/The-St-Paul-Travelers-Companies-Inc.html|title=The St. Paul Travelers Companies, Inc. - Company Profile, Information, Business Description, History, Background Information on The St. Paul Travelers Companies, Inc.|website=www.referenceforbusiness.com|access-date=2016-11-13}}</ref><ref>{{Cite news|url=https://www.mprnews.org/story/2007/02/13/stpaultravelers|title=Travelers drops the "St. Paul." Will it drop the other shoe?|last=Moylan|first=Martin|access-date=2016-12-28}}</ref>
'''Travelers''' was founded in 1864 in Hartford. It was founded to provide [[travel insurance]] to [[Rail transport|railroad]] travelers at a time when travel was far more risky and dangerous than today, hence the name. 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.<ref name="travelers_history">[https://web.archive.org/web/20080618053219/http://www.citigroup.com/citigroup/corporate/history/travelers.htm Citigroup history - Travelers]</ref> It also established and operated the world's first privately-owned weather research facility, the [[Travelers Weather Research Center]], which was the first organization to state weather predictions by probabilities ("20% chance of rain"). By the early 1990s, Travelers was predominantly a general property and casualty insurer that also happened to do some travel insurance on the side, and it quietly exited its original business in 1994. What was left of Travelers' travel insurance business was acquired by three former employees and is now known as Travel Insured International, a Crum and Forster Company.
[[File:Travelers 1993 logo.png|thumb|left|220px|The Travelers logo, ca. 1993]]
In the 1990s, it went through a series of mergers and acquisitions. It was bought by [[Primerica]] in 1993,<ref name="primerica">[https://web.archive.org/web/20080803035438/http://www.citigroup.com/citigroup/corporate/history/primerica.htm Primerica Financial Services history], Citigroup. Retrieved March 2, 2007.</ref> but the resulting company retained the Travelers name. In 1995 it became '''The Travelers Group'''.<ref name="travelers_history" /> It bought [[Aetna]]'s property and casualty business in 1996.<ref>[http://www.insuranceusa.com/news/aetna-completes-previously-announced-sale-of-propertycasualty-operations-to-travellers/ Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers], Aetna press release, April 2, 1996</ref>
In 1998, the Travelers Group merged with Citicorp to form [[Citigroup]].<ref name="primerica"/> 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,<ref>[https://web.archive.org/web/20070930160819/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</ref> although it kept the red [[umbrella]] [[logo]]. Three years later, Citigroup sold Travelers Life & Annuity to [[MetLife]].<ref>[https://web.archive.org/web/20070927210552/http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,4132,P7328%5eS686,00.html MetLife Completes Acquisition Of Travelers Life & Annuity], MetLife press release, July 1, 2005.</ref> In 2003, Travelers bought renewal rights for Royal & SunAlliance Personal Insurance and Commercial businesses.<ref>[http://www.businesswire.com/news/home/20030903005927/en/Travelers-Property-Casualty-Corp.-Buys-Renewal-Rights Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance], Travelers Property Casualty Press Release, September 4, 2003.</ref><ref>{{Cite web|url=http://www.propertycasualty360.com/2003/03/05/travelers-buys-some-royal-sunalliance-lines|title=Travelers Buys Some Royal & SunAlliance Lines|website=www.propertycasualty360.com|access-date=2016-12-28}}</ref>
In 2004, the St. Paul and Travelers Companies merged and renamed itself '''St. Paul Travelers''', with the headquarters set in St. Paul, Minnesota.<ref>{{Cite news|url=https://www.nytimes.com/2003/11/18/business/16-billion-deal-joins-st-paul-and-travelers.html|title=$16 Billion Deal Joins St. Paul and Travelers|last=Treaster|first=Joseph B.|date=2003-11-18|newspaper=The New York Times|issn=0362-4331|access-date=2016-12-28}}</ref> In August of that year, it was charged of misleading statements associated with the merger.<ref>{{cite web|url=http://securities.stanford.edu/filings-case.html?id=103202|title=The St. Paul Travelers Companies, Inc. : Travelers Property Casualty Corp.'s Class A and Class B common stock Securities Litigation|last=|first=|date=|website=Stanford Law School|accessdate=April 19, 2017}}</ref><ref>{{Cite web|url=http://securities.stanford.edu/filings-case.html?id=103202|title=Securities Class Action Clearinghouse: Case Page|website=securities.stanford.edu|access-date=2016-12-28}}</ref> Despite many assurances from CEO Jay Fishman that the newly formed company would retain the St. Paul name, the corporate name only 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'''.<ref>{{Cite news|url=https://www.wsj.com/articles/SB117137765766107222|title=Citigroup Sells Red Umbrella Logo to St. Paul|last=Riley|first=Clint|date=2007-02-14|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-28}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2007/02/13/business/worldbusiness/13iht-Citi.4584548.html|title=Citigroup folds its umbrella logo - Business - International Herald Tribune|last=Merced|first=Michael J. De La|date=2007-02-13|newspaper=The New York Times|issn=0362-4331|access-date=2016-12-28}}</ref><ref>{{cite web |title=St. Paul Travelers To Change Company Name To Travelers And Bring Back Iconic Red Umbrella |url=http://investor.travelers.com/file/Index?KeyFile=3415068 |publisher=Business Wire |accessdate=2 September 2018 |date=13 February 2007}}</ref><ref>{{Cite web|url=http://adage.com/article/news/travelers-reunites-red-umbrella/114972/|title=Travelers Reunites With Red Umbrella|last=Mullman|first=Jeremy|date=February 13, 2007|website=Advertising Age|access-date=April 19, 2017}}</ref>
Many of Travelers' ancestor companies, such as St. Paul and [[USF&G]], are technically still around today, and still write policies and accept claims in their own names (under the overarching Travelers brand name). As is typical of most [[Insurance in the United States|insurers in the United States]], Travelers never dissolved the various companies it acquired, but simply made them wholly owned subsidiaries and trained its employees to act on behalf of those subsidiaries. This is a common risk management strategy used by U.S. insurance groups. If any one company in the group gets hit with too many claims, the situation can be easily contained to that one company (which is placed in runoff and allowed to run its policies to completion), while the remainder of the group continues to operate normally.
In November 2010, Travelers entered into a [[joint venture]] agreement under which the company would invest in J. Malucelli Participações em Seguros e Resseguros S.A., the market leader in the surety insurance business in Brazil. The transaction closed in June 2011 with Travelers acquiring a 43.4 percent interest. Travelers' investment in newly issued shares significantly increased J. Malucelli's capital level, positioning it for substantial growth in Brazil. At the time, Travelers had the option to increase its investment to retain a 49.5 percent interest, which the company later did in 2012.<ref>{{cite news|url=https://www.forbes.com/2010/11/04/insurance-news-travelers-wellcare-marketnewsvideo.html |title=Travelers Taps Into Brazil With Joint Venture |publisher=Forbes |date= November 4, 2010 |accessdate=2016-08-15}}</ref>
In June 2013, Travelers announced the acquisition of [[The Dominion of Canada General Insurance Company|Dominion of Canada General Insurance Company]] from E-L Financial Corporation Limited (TSX: ELF).<ref>{{cite news|url=http://www.insurancejournal.com/news/national/2013/06/10/294852.htm |title=Travelers Eyes Canada Growth with $1.1B Acquisition of The Dominion |publisher=Insurance Journal |date= June 10, 2013 |accessdate=2016-08-15}}</ref> The transaction later closed in November 2013. The combined organization, referred to as Travelers Canada, remains headquartered in [[Toronto]].<ref>{{cite news|url=http://www.canadianunderwriter.ca/insurance/travelers-completes-acquisition-of-the-dominion-1002694838 |title=Travelers completes acquisition of The Dominion |publisher=Canadian Underwriter |date= November 1, 2013 |accessdate=2016-08-15}}</ref>
The company’s joint venture with J. Malucelli in Brazil completed the acquisition of a majority interest in Cardinal Compañía de Seguros, a Colombian start-up surety provider in September 2015. The business, which is based in [[Bogotá]], operates under the co-branded name J. Malucelli Travelers.<ref>{{cite web |title=Travelers Dives into Colombia Through Brazilian Joint Venture |url=https://www.carriermanagement.com/news/2014/12/10/132990.htm |publisher=Carrier Management |accessdate=2 September 2018 |date=10 December 2014}}</ref>
In October 2015, Travelers acquired a [[controlling interest|majority interest]] in the property casualty business of its J. Malucelli joint venture in Brazil. J. Malucelli commenced writing property casualty business in 2012.<ref>{{cite news|url=https://www.zacks.com/stock/news/192330/travelers-buys-majority-stake-in-j-malucelli-to-grow-in-brazil |title=Travelers Buys Majority Stake in J. Malucelli to Grow in Brazil |publisher=Zacks.com |date= October 2, 2015 |accessdate=2016-08-18}}</ref> The property casualty business operates under the Travelers brand and focuses on property, general liability, construction and financial insurance products. The business is based in São Paulo.
As a result of the transaction, Travelers now owns 95 percent of the property casualty business with Paraná Banco, the parent company of J. Malucelli, retaining a five percent interest. Travelers’ interest in the surety business of the J. Malucelli joint venture remains at 49.5 percent.<ref>{{cite news|url=http://www.hartfordbusiness.com/article/20151005/NEWS01/151009974/travelers-makes-major-commitment-in-brazil |title=Travelers makes major commitment in Brazil |publisher=Hartford Business Journal |date= October 5, 2015 |accessdate=2016-07-17}}</ref>
In March 2017, Travelers agreed to acquire UK-based Simply Business from Aquiline Capital Partners for approximately $490 million. Simply Business is a leading U.K. distributor of small business insurance policies, offering products online on behalf of a broad panel of carriers. It has more than 425,000 microbusiness customers covering more than 1,000 classes of business, and was named “Best Company to Work For” by The Sunday Times in 2015 and 2016. The transaction adds to Travelers' digital capabilities.<ref>{{Cite web|url=https://www.ft.com/content/d721f5fe-07fe-11e7-ac5a-903b21361b43|title=Travelers buys Simply Business for £400m in digital push|last=|first=|date=March 13, 2017|website=Financial Times|access-date=March 13, 2017}}</ref><ref>{{Cite web|url=http://www.insurancejournal.com/news/international/2017/03/13/444245.htm|title=Travelers to Buy UK-Based Simply Business for $490M|last=|first=|date=|website=Insurance Journal|access-date=March 13, 2017}}</ref><ref>{{Cite web|url=https://www.dig-in.com/news/travelers-shores-up-online-distribution-with-uk-purchase|title=Travelers shores up online distribution with U.K. purchase|last=|first=|date=|website=Digital Insurance|access-date=March 14, 2017}}</ref>
In 2018, Travelers ranked 106 on the [[Fortune 500]] list of largest U.S. companies<ref>{{Cite web|url=http://fortune.com/fortune500/travelers-cos/?iid=sr-link1|title=Travelers Cos. - Fortune 500|last=|first=|date=|website=Fortune|language=en-US|archive-url=|archive-date=|dead-url=|access-date=2018-06-22}}</ref>. On June 8, 2009, Travelers replaced its former parent Citigroup on the [[Dow Jones Industrial Average]].<ref>{{Cite news|url=http://www.wsj.com/articles/SB124386244318072033|title=Travelers, Cisco Replace Citi, GM in Dow|last=Browning|first=E. S.|date=2009-06-02|work=Wall Street Journal|access-date=2018-10-17|language=en-US|issn=0099-9660}}</ref>
On August 4, 2015, the company announced that Alan Schnitzer would succeed Jay Fishman as Chief Executive Officer effective December 1, 2015.<ref>{{cite news| url=https://blogs.wsj.com/moneybeat/2015/08/04/read-the-travelers-statement-on-alan-schnitzer-and-jay-fishman/ | work=The Wall Street Journal | date=August 4, 2015 | title=Read the Travelers Statement on Alan Schnitzer and Jay Fishman}}</ref>
On August 4, 2017, Travelers completed its previously announced acquisition of [[Simply Business]], a leading provider of small business insurance policies in the United Kingdom..<ref>{{Cite news|url=https://finance.yahoo.com/news/travelers-completes-acquisition-uk-based-200500265.html|title=Travelers Completes Acquisition of UK-Based Simply Business|access-date=2017-08-04|language=en-US}}</ref>
== Finances ==
For the fiscal year 2017, The Travelers Companies reported earnings of US$2.041 billion, with an annual revenue of US$28.902 billion, an increase of 4.6% over the previous fiscal cycle. The Travelers Companies shares traded at over $122 per share, and its market capitalization was valued at over US$33.3 billion in October 2018.<ref>{{Cite web|url=https://www.macrotrends.net/stocks/charts/TRV/travelers/revenue|title=Travelers Revenue 2006-2018 {{!}} TRV|website=www.macrotrends.net|access-date=2018-10-31}}</ref>
{| class="wikitable float-left" style="text-align: right;"
!Year
!Revenue<br />in mil. USD$
!Net Income<br />in mil. USD$
!Total Assets<br />in mil. USD$
!Price per Share<br />in USD$
!Employees
|-
|2005
|24,365
|1,622
|113,187
|29.53
|
|-
|2006
|25,090
|4,208
|115,292
|34.10
|
|-
|2007
|26,017
|4,601
|115,224
|39.91
|
|-
|2008
|24,477
|2,924
|109,632
|35.09
|
|-
|2009
|24,680
|3,622
| 109,560
|35.39
|
|-
|2010
|25,112
|3,188
| 105,656
|42.65
|
|-
|2011
|25,446
|1,414
|104,575
|47.66
|
|-
|2012
|25,740
|2,454
|104,938
|55.84
|
|-
|2013
|26,191
|3,646
|103,812
|74.34
|30,800
|-
|2014
|27,174
|3,665
|103,078
|84.40
|30,200
|-
|2015
|26,815
|3,414
| 100,184
|98.57
|30,900
|-
|2016
|27,625
|2,992
|100,245
|108.29
|30,900
|-
|2017
|28,902
|2,041
|103,483
|122.14
|30,800
|}
== 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.<ref>{{cite web|url=http://www.twincities.com/2008/01/06/travelers-to-pay-77-million-to-settle-merger-related-suit/|title=Travelers to pay $77 million to settle merger-related suit|last=Garrison-Sprenger|first=Nicole|date=January 6, 2008|website=Pioneer Press|accessdate=April 19, 2017}}{{cbignore|bot=medic}}</ref><ref>{{Cite web|url=https://www.law360.com/articles/15697/insurer-agrees-to-halt-contingent-commissions|title=Insurer Agrees To Halt Contingent Commissions - Law360|website=www.law360.com|access-date=2016-12-28}}</ref> The charges involved paying the insurance broker [[Marsh & McLennan Companies]] [[contingent commission]]s to win business without the knowledge of clients, thus creating a conflict of interest.<ref>{{cite news| url=https://www.nytimes.com/2008/01/01/business/01insure.html?ref=business | title=Travelers to Pay $6 Million, Ending Inquiry on Brokers' Fees | date=January 1, 2008 | work=The New York Times}}</ref> Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting [[Bid rigging|fake bids]],<ref>{{cite news| url=https://www.reuters.com/article/bondsNews/idUSN3155618220071231 | title=UPDATE 1-Travelers to settle compensation case with states | date=December 31, 2007 | work=Reuters}}</ref> thus misleading clients into believing they were receiving competitive commercial premiums.<ref>{{Cite news|url=http://www.insurancejournal.com/magazines/features/2008/01/13/155387.htm|title=Travelers Settles With States Over Brokers' Contingent Commissions|date=2008-01-13|work=Insurance Journal|access-date=2017-04-19|language=en-US}}</ref>
==National Football League lawsuit==
In August 2012, Travelers sued the [[National Football League]] for forcing the company and its subsidiaries to pay to defend the league for [[Concussions in American football|failing to protect players from brain injury]], in a case filed in the [[New York State Supreme Court]] called Discover Property & Casualty Co. et al. vs. National Football League et al., New York State Supreme Court, New York County, No. 652933/2012. The league had sued over three dozen insurance companies the week before in an attempt to cover the claims that players made against the league.<ref>{{cite web|url=https://news.yahoo.com/travelers-sues-nfl-over-ex-players-brain-injury-184938731--nfl.html|title=Travelers sues NFL over brain injury lawsuits - Yahoo! News|last=Ax|first=Joseph|date=2012-08-22|website=|publisher=News.yahoo.com|archive-url=https://web.archive.org/web/20121118213454/https://news.yahoo.com/travelers-sues-nfl-over-ex-players-brain-injury-184938731--nfl.html|archive-date=2012-11-18|dead-url=bot: unknown|accessdate=2012-09-15|df=}}</ref><ref>{{cite news|url=https://www.reuters.com/article/2012/08/22/insurance-nfl-lawsuit-idUSL2E8JME7O20120822?type=companyNews&feedType=RSS |title=UPDATE 1-Travelers sues NFL over brain injury lawsuits |publisher=Reuters |date= August 22, 2012|accessdate=2012-09-15}}</ref><ref>{{Cite web|url=http://www.law360.com/articles/372286/travelers-sues-nfl-over-ex-players-brain-injury-lawsuits|title=Travelers Sues NFL Over Ex-Players' Brain Injury Lawsuits - Law360|website=www.law360.com|access-date=2016-12-28}}</ref>
== Advertising ==
[[Image:205px-SPTLogotrans.png|thumb|200px|right|St. Paul Travelers logo used until February 2007]]
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 early 1960s, 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 1960s 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.<ref>Knettell family history further documented by other Hartford insurance client colleagues including former V.P. of Connecticut General Insurance</ref>{{better source|reason=The citation does not appear to be a published secondary source|date=September 2014}}
In 2006, a Travelers commercial titled Snowball was nominated for an Emmy. Snowball featured a man, walking down a steep [[San Francisco, California|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]]''.<ref name="engadget:Real-life Katamari in Travelers Insurance ad">{{cite web |last1=Stern |first1=Zack |title=Real-life Katamari in Travelers Insurance ad |url=https://www.engadget.com/2006/09/25/real-life-katamari-in-travelers-insurance-ad/ |publisher=engadget |accessdate=2 September 2018 |date=25 September 2006}}</ref> The creators of the ad say it is simply based on the [[snowball effect]], they have never heard of the game, and that the resulting similarity was a surprise to them.<ref name="engadget:Travelers ad imitating Katamari: just coincidence">{{cite web |last1=Stern |first1=Zack |title=Travelers ad imitating Katamari: just coincidence |url=https://www.engadget.com/2006/09/28/travelers-ad-imitating-katamari-just-coincidence/ |publisher=engadget |accessdate=2 September 2018 |date=28 September 2006}}</ref>
In 2007, the company secured naming rights for an annual event to be called the [http://www.travelerschampionship.com Travelers Championship] golf tournament, formerly the [[Greater Hartford Open]], on the [[PGA Tour]].
In April 2008, The Travelers purchased back the rights to the famous red umbrella, which is featured in several commercials starring [[Paul Freeman (actor)|Paul Freeman]] as well as other advertisements. In July 2008, the spot "Delivery," also starring Freeman, was nominated for an Emmy.
==Notable former employees==
*Edward Budd, former Travelers Chairman & CEO<ref>{{cite news|author=JILL ANDRESKY FRASER; Jill Andresky Fraser, the financial strategies editor at Inc., has been following the insurance industry for 10 years. |url=https://www.nytimes.com/1990/12/02/magazine/cover-story-the-travelers-rides-into-the-storm.html?partner=rssnyt&emc=rss&pagewanted=1 |title=COVER STORY - COVER STORY - The Travelers Rides Into The Storm |publisher=NYTimes.com |date=1990-12-02 |accessdate=2010-07-30}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/archive/business/1993/09/24/the-making-of-a-financial-services-empire/f482964a-05d3-4b4d-bc48-c50b39531d0f/?utm_term=.a2e317595e6d|title=The Making of a Financial Services Empire|last=Mathews|first=Jay|date=September 24, 1993|work=|accessdate=2018-09-02|publisher=Washington Post}}</ref>
*[[Robert I. Lipp]], former Travelers CEO<ref>{{cite news|url=http://articles.courant.com/1994-03-27/news/9403270109_1_job-cuts-travelers-insurance-cos-morgan-stanley|title=No Gain Without Pain At Travelers|last=Levick|first=Diane|date=1994-03-27|work=Hartford Courant|accessdate=2018-09-02|publisher=}}</ref><ref>{{Cite news|url=https://blogs.wsj.com/moneybeat/2015/08/04/new-travelers-ceo-has-family-ties/|title=New Travelers CEO Has Family Ties|last=Scism|first=Erik Holm and Leslie|newspaper=WSJ|access-date=2016-12-28}}</ref><ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=391693&privcapId=5507480|title=Robert I. Lipp J.D.: Executive Profile & Biography - Bloomberg|website=www.bloomberg.com|access-date=2016-12-28}}</ref>
*[[Joe Plumeri]], former Travelers Vice Chairman, former Chairman & CEO of [[Willis Group Holdings]], and owner of the [[Trenton Thunder]]<ref name="trentonian1">{{cite web|url=http://www.trentonian.com/article/TT/20100516/NEWS/305169970|title=Look Who's Talking: Samuel J. Plumeri Jr.|last=Edelstein|first=Jeff|date=May 17, 2010|website=The Trentonian News|publisher=The Trentonian News|accessdate=July 15, 2010}}</ref><ref name="businessweek1998">{{cite web|url=https://www.bloomberg.com/news/articles/1998-03-29/joe-plumeri-the-apostle-of-life-insurance|title=Joe Plumeri: The Apostle of Life Insurance|last=Bianco|first=Anthony|date=March 30, 1998|website=Bloomberg|publisher=[[Business Week]]|accessdate=July 15, 2010}}</ref><ref>{{Cite web|url=https://people.forbes.com/profile/joseph-j-plumeri/86637|archive-url=https://web.archive.org/web/20100930012612/http://people.forbes.com/profile/joseph-j-plumeri/86637|dead-url=yes|archive-date=2010-09-30|title=Joseph J. Plumeri Profile - Forbes.com|date=2010-09-30|access-date=2016-12-28|df=}}</ref>
*[[Sandy Weill]], former Travelers Chairman & CEO<ref>{{cite news|url=http://nl.newsbank.com/nl-search/we/Archives?p_product=ADSB&s_site=azstarnet&f_site=azstarnet&f_sitename=Arizona+Daily+Star%2C+The+%28AZ%29&p_multi=ADSB&p_theme=gannett&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EACE5C5584F1647&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Newspaper Archive |publisher=Nl.newsbank.com |date=1994-10-23 |accessdate=2010-07-30}}</ref><ref>{{cite news|url=http://articles.courant.com/1998-03-12/news/9803120731_1_travelers-stock-travelers-property-casualty-corp-options-accounting|title=Travelers Chairman Reaps $227 Million|last=Lubanko|first=Matthew|date=1998-03-12|work=Hartford Courant|accessdate=2018-09-02|publisher=}}</ref>
*[[Jay S. Fishman]], former Travelers Chairman & CEO<ref>{{Cite web|url=https://www.nytimes.com/2016/08/26/business/jay-fishman-who-led-travelers-in-fiscal-crisis-dies-at-63.html|title=Jay Fishman, Who Led Travelers Safely Through the Financial Crisis, Dies at 63|last=Singer|first=Natasha|date=2016-08-25|website=|publisher=New York Times|archive-url=|archive-date=|dead-url=|access-date=2018-09-02}}</ref>
== Notes ==
{{reflist|30em}}
== External links ==
* {{Official website|http://www.travelers.com}}
{{Finance links
| name = The Travelers Companies
| symbol = TRV
| sec_cik = 0000086312
| yahoo = TRV
| stockrow = TRV
| google = TRV
}}
{{Dow Jones Industrial Average companies}}
{{Major insurance companies}}
{{DEFAULTSORT:Travelers Companies}}
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Publicly traded companies based in New York City]]
[[Category:Insurance companies of the United States]]
[[Category:Companies established in 1853]]
[[Category:Companies in the Dow Jones Industrial Average]]
[[Category:The Travelers Companies|*]]
[[Category:Companies formed by merger]]
