Profile: Travelers Companies Inc (TRV)
20 Aug 2014
The Travelers Companies, Inc., incorporated on May 3, 1853, (TRV) is a holding company. The Company, through its subsidiaries, is engaged in providing a range of commercial and personal property and casualty insurance products and services to businesses, Government units, associations and individuals. The Company is organized into three business segments: Business Insurance; Financial, Professional and International Insurance, and Personal Insurance. The Business Insurance segment offers an array of property and casualty insurance and insurance-related services to its clients primarily in the United States. The Financial, Professional and International Insurance segment includes surety and financial liability coverage's, which primarily use credit-based underwriting processes, as well as property and casualty products that are marketed on a domestic basis in the United Kingdom, Canada and the Republic of Ireland, and on an international basis as a corporate member of Lloyd's. The Company's Personal Insurance segment writes a range of property and casualty insurance covering individuals' personal risks. On June 17, 2011, the Company acquired a 43% interest in J. Malucelli Participacoes em Seguros e Resseguros S.A. . In November 2013, the Company completed the sale of its wholly owned subsidiary The Dominion of Canada General Insurance Company to The Travelers Companies, Inc.
The Company’s business insurance is organized into six groups, which collectively consist of business insurance core operations: Select Accounts, Commercial Accounts, National Accounts, Industry Focused Underwriting, Target Risk Underwriting and Specialized Distribution. Select Accounts provides small businesses with property and casualty products, including commercial multi-peril, property, general liability, commercial auto and workers' compensation insurance. Commercial Accounts provides mid-sized businesses with property and casualty products, including commercial multi-peril, property, general liability, commercial auto and workers' compensation insurance. National Accounts provides large companies with casualty products and services, including workers' compensation, general liability and automobile liability, as well as property coverage's. National Accounts also includes the Company's commercial residual market business, which primarily offers workers' compensation products and services to the involuntary market. Industry-Focused Underwriting provides targeted industries with differentiated combinations of insurance coverage, risk management, claims handling and other services. Construction serves a range of construction businesses, offering guaranteed cost products for small to mid-sized policyholders and loss-sensitive programs for larger accounts. Products offered include workers' compensation, general liability, umbrella and commercial auto coverage's, and other risk management solutions. Technology serves companies involved in telecommunications, information technology, medical technology and electronics manufacturing, offering a portfolio of products and services. Products offered include property, commercial auto, general liability, workers' compensation, umbrella, Internet liability, technology errors and omissions coverage's and global companion products. Public Sector Services provides insurance products and services to public entities, including municipalities, counties, Indian Nation gaming organizations and selected special government districts such as water and sewer utilities. The policies written by this unit typically cover property, commercial auto, general liability and professional liability exposures.
Oil and Gas provides specialized property and liability products and services for customers involved in the exploration and production of oil and natural gas, including operators and drilling contractors, as well as various service and supply companies and manufacturers that support upstream operations. The policies written by this business group cover risks, including physical damage, liability and business interruption. Agribusiness serves small to medium-sized agricultural businesses, including farms, ranches, wineries and related operations, offering property and liability coverage's other than workers' compensation. Target Risk Underwriting serves commercial businesses requiring specialized product underwriting, claims handling and risk management services. National Property provides property insurance programs to large and mid-sized customers, including office building owners, manufacturers, municipalities and schools, retailers and service businesses. These insurance programs cover losses on buildings, business personal property and business interruption exposures. Inland Marine provides insurance for goods in transit and movable objects for customers, such as jewelers, museums, contractors and the transportation industry. Builders' risk insurance is also offered to customers during the construction, renovation or repair of buildings and other structures. Ocean Marine serves the marine transportation industry and related services, as well as other businesses involved in international trade. The Company's product offerings in this unit fall under six main coverage categories: marine liability, cargo, hull and machinery, protection and indemnity, pleasure craft, and marine property and liability. Excess Casualty serves small to mid-sized commercial businesses, offering mono-line umbrella and excess coverage where the Company typically does not write the primary casualty coverage, or where other business units within the Company prefer to access the underwriting expertise and/or limit capacity of the Excess Casualty business unit. Boiler and Machinery serves small to large companies, offering breakdown coverage's for equipment, including property and business interruption coverage's. Through the BoilerRe unit, Boiler & Machinery also serves other property and casualty carriers that do not have in-house expertise with reinsurance, underwriting, engineering, claim handling and risk management services for this type of coverage.
Global Underwriting provides insurance to foreign organizations with property and liability exposures located in the United States (reverse-flow) as part of a global program. Specialized Distribution units market and underwrite their products to customers predominantly through licensed wholesale, general and program agents that manage customers' unique insurance requirements. Northland provides insurance coverage for the commercial transportation industry, as well as commercial liability and package policies for small, difficult to place specialty classes of commercial business on an admitted or excess and surplus lines basis. National Programs offers property and casualty programs on an admitted basis for customers with common risk characteristics or coverage requirements. Programs available include those for entertainment, architects and engineers, equipment rental, golf services and owners of franchised businesses. Business Insurance also includes the Special Liability Group (which manages the Company's asbestos and environmental liabilities) and the assumed reinsurance and certain international and other runoff operations, which are collectively referred to as Business Insurance Other.
The Company’s Business Insurance segment writes coverage's, such as workers’ compensation, commercial automobile, property, general liability and commercial Multi-Peril. Workers' compensation provides coverage for employers for specified benefits payable under state or federal law for workplace injuries to employees. Commercial automobile provides coverage for businesses against losses incurred from personal bodily injury, bodily injury to third parties, property damage to an insured's vehicle and property damage to other vehicles and other property resulting from the ownership, maintenance or use of automobiles and trucks in a business. Property provides coverage for loss of or damage to buildings, inventory and equipment from a variety of events, including, among others, hurricanes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, volcanic eruptions, theft, vandalism, fires, explosions, terrorism and financial loss due to business interruption resulting from covered property damage. General liability coverage insures businesses against third-party claims arising from accidents occurring on their premises or arising out of their operations, including as a result of injuries sustained from products sold. Commercial Multi-Peril provides a combination of the property and liability coverage's described in the foregoing product line descriptions.
Financial, Professional & International Insurance
TRV’s financial, professional and international insurance segment includes two groups: bond and financial products, and international. Bond & Financial Products provides a range of customers with bond and insurance products and risk management services. The range of coverage's includes performance, payment and commercial surety and fidelity bonds for construction and general commercial enterprises; management liability coverage's for losses caused by the actual or alleged negligence or misconduct of directors and officers or employee dishonesty; employment practices liability coverage's and fiduciary coverage's for public corporations, private companies and not-for-profit organizations; professional liability coverage for actual or alleged errors and omissions committed in the course of professional conduct or practice for a variety of professionals including, among others, lawyers, design professionals and real estate agents; and professional and management liability, property, auto and general liability and fidelity insurance for financial institutions. International, through its operations in the United Kingdom, Canada and the Republic of Ireland, offers specialized insurance and risk management services to several customer groups, including, among others, those in the technology, public services, and financial and professional services industry sectors. International, through its Lloyd’s syndicate (Syndicate 5000), for which the Company provides 100% of the capital, underwrites through five principal business units: marine, global property, accident and special risks, power and utilities, and aviation.
TRV’s financial, professional and international insurance segment’s product lines include fidelity and surety, general liability, international and other. Fidelity and surety provides fidelity insurance coverage, which protects an insured for loss due to embezzlement or misappropriation of funds by an employee, and surety, which is a three-party agreement whereby the insurer agrees to pay a third party or make complete an obligation in response to the default, acts or omissions of an insured. Surety is provided for construction performance, legal matters, such as appeals, trustees in bankruptcy and probate and other performance bonds. General liability provides coverage for specialized liability exposures. International Provides coverage for employers' liability (similar to workers' compensation coverage in the United States), public and product liability (the equivalent of general liability), professional indemnity (similar to professional liability coverage), motor (similar to automobile coverage in the United States), property, surety, marine, aviation, personal accident and kidnap & ransom. Other coverage’s include property, workers' compensation, commercial automobile and commercial Multi-Peril.
The Company’s primary coverage's in the Personal Insurance are automobile and homeowners insurance sold to individuals. The Personal Insurance segment writes the types of coverage's, such as Personal Automobile, which provides coverage for liability to others for both bodily injury and property damage, uninsured motorist protection, and for physical damage to an insured's own vehicle from collision and Homeowners and Other, which provides protection against losses to dwellings and contents from a variety of perils (excluding flooding), as well as coverage for personal liability. The Company writes homeowners insurance for dwellings, condominiums and tenants, and rental properties. The Company writes coverage for boats and yachts and valuable personal items, such as jewelry, and also writes coverage's for umbrella liability, identity fraud, and weddings and special events.
Travelers Companies Inc
385 WASHINGTON ST
SAINT PAUL MN 10017
Company Web Links
- UPDATE 2-Travelers ordered to pay over $500 mln in asbestos case
- Travelers' profit drop reflects slowdown in rate increase
- UPDATE 2-Travelers' profit drop reflects slowdown in rate increase
- Travelers ordered to pay over $500 mln in asbestos case
- BRIEF-U.S. appeals court rules against Travelers in $500 mln asbestos case