| Revision as of 02:18, 7 July 2010 edit71.234.111.150 (talk) →Management Team: Removed Sam Liss, added Anne MacDonald, Kevin Smith← Previous edit | Revision as of 06:17, 18 July 2010 edit undoEpeefleche (talk | contribs)Pending changes reviewers150,049 edits add, ceNext edit → | ||
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| == Management Team == | == Management Team == | ||
| The Travelers Company's Management Team is composed of:<ref>, investor.travelers.com</ref> | The Travelers Company's Management Team is composed of:<ref>, investor.travelers.com</ref> | ||
| {{Div col}} | |||
| *], Chairman & Chief Executive Officer | *], Chairman & Chief Executive Officer | ||
| *Brian W. MacLean, President & Chief Operating Officer | *Brian W. MacLean, President & Chief Operating Officer | ||
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| *Kevin C. Smith, President - International | *Kevin C. Smith, President - International | ||
| *Greg Toczydlowskim, President - Personal Insurance | *Greg Toczydlowskim, President - Personal Insurance | ||
| {{Div col end}} | |||
| == History == | == History == | ||
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| == Alleged anticompetitive practices == | == 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>http://www.chron.com/disp/story.mpl/ap/fn/5429349.html</ref> The charges involved paying the insurance broker ] ]s to win business without the knowledge of clients, thus creating a conflict of interest.<ref></ref> Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting ],<ref></ref> thus misleading clients into believing they were receiving competitive commercial premiums.<ref></ref> | 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>http://www.chron.com/disp/story.mpl/ap/fn/5429349.html</ref> The charges involved paying the insurance broker ] ]s to win business without the knowledge of clients, thus creating a conflict of interest.<ref></ref> Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting ],<ref></ref> thus misleading clients into believing they were receiving competitive commercial premiums.<ref></ref> | ||
| == Advertising == | == Advertising == | ||
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| In April 2008, The Travelers purchased back the rights to the famous red umbrella, which is featured in several commercials starring ] as well as other advertisements. In July 2008, the spot "Delivery," also starring Freeman, was nominated for an Emmy. | In April 2008, The Travelers purchased back the rights to the famous red umbrella, which is featured in several commercials starring ] 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 | |||
| *], former Travelers CEO | |||
| *], former Travelers Vice Chairman, Chairman & CEO of the ], and owner of the ]<ref name="trentonian1">{{cite web|url=http://www.trentonian.com/articles/2010/05/16/news/doc4bf0b411d2026400700138.txt |title=Look Who's Talking: Samuel J. Plumeri Jr. |publisher=The Trentonian News|date=May 17, 2010 |accessdate=July 15, 2010}}</ref><ref name="businessweek1998">{{cite web|last=Bianco |first=Anthony |url=http://www.businessweek.com/archives/1998/b3571114.arc.htm |title=Joe Plumeri: The Apostle of Life Insurance E |publisher=] |date=March 30, 1998 |accessdate=July 15, 2010}}</ref> | |||
| *], former Travelers Chairman & CEO | |||
| == Notes == | == Notes == | ||
Revision as of 06:17, 18 July 2010
 | |
| Company type | Public (NYSE: TRV) |
|---|---|
| Industry | Insurance, property & casualty insurance, risk management |
| Founded | Incorporated as St. Paul Fire & Marine in 1853. Merger of The St. Paul Companies and Travelers Property Casualty Corp. in 2004 |
| Headquarters | Hartford, Connecticut, USA |
| Key people | Jay Fishman, Chairman & CEO |
| Products | Insurance policies are contracted and sold primarily through independent agents or an insurance broker. |
| Revenue |  Approx. $25 billion USD (2009) |
| Operating income | $3.600 billion USD (2009) |
| Net income | $3.622 billion USD (2009). |
| Number of employees | ~30,000 (2009) |
| Website | www.travelers.com |
The Travelers Companies (NYSE: TRV) is the largest American insurance company by market value. It is also the third largest writer of U.S. commercial property casualty and the second largest writer of U.S. personal insurance through independent agents. Travelers has significant operations in New York, New York, Hartford, Connecticut and St. Paul, Minnesota. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, China, and Canada. In 2009, the company reported revenues of US $24.7 billion and total assets of US $109.6 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.
Management Team
The Travelers Company's Management Team is composed of:
- Jay S. Fishman, Chairman & Chief Executive Officer
- Brian W. MacLean, President & Chief Operating Officer
- Jay S. Benet, Vice Chairman & Chief Financial Officer
- Charles Clarke, Vice Chairman
- Irwin R. Ettinger, Vice Chairman
- William H. Heyman, Vice Chairman & Chief Investment Officer
- Alan D. Schnitzer, Vice Chairman & Chief Legal Officer; Financial, Professional & International Insurance
- John J. Albano, EVP - Field Management
- Andy F. Bessette, EVP & Chief Administrative Officer
- William Bloom, EVP - Insurance Operations & Chief Information Officer
- John P. Clifford Jr., EVP - Human Resources
- William E. Cunningham Jr., EVP - Business Insurance
- Bill Hannon, EVP - Enterprise Risk Management & Business Conduct Officer
- Anne MacDonald, EVP & Chief Marketing Officer
- Maria Olivo, EVP & Corporate Treasurer
- Doreen Spadorcia, EVP - CEO - Claim Services & Personal Insurance
- Kenneth F. Spence III, EVP & General Counsel
- Joan Kois Woodward, EVP - Public Policy
- Patrick Kinney, President - Field Management
- Michael F. Klein, SVP - Business Insurance
- Thomas M. Kunkel, President - Bond & Financial Products
- Marc Schmittlein, President - CEO - Select Accounts & Agribusiness
- Kevin C. Smith, President - International
- Greg Toczydlowskim, President - Personal Insurance
History
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 stock company (as opposed to a mutual company). It soon spread its operations across the country. In 1998 it acquired USF&G, known formerly as United States Fidelity and Guaranty Company, an insurance company based in Baltimore, Maryland, but was forced to downsize by almost half due to a competitive marketplace.
Travelers was founded in 1864 in Hartford. Along the way it had many industry firsts, including the first automobile policy, the first commercial airline policy, and the first policy for space travel.
In the 1990s, it went through a series of mergers and acquisitions. It was bought by Primerica in 1993, but the resulting company retained the Travelers name. In 1995 it became The Travelers Group. It bought Aetna's property and casualty business in 1996.
In 1998, the Travelers Group merged with Citicorp to form Citigroup. However, the synergies between the banking and insurance arms of the company did not work as well as planned, so Citigroup spun off Travelers Property and Casualty into a subsidiary company in 2002, although it kept the red umbrella logo. Three years later, Citigroup sold Travelers Life & Annuity to MetLife. In 2003, Travelers bought renewal rights for Royal & SunAlliance Personal Insurance and Commercial businesses.
In 2004, the St. Paul and Travelers Companies merged and renamed itself St. Paul Travelers, with the headquarters set in St. Paul, Minnesota. 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.
Travelers is currently 98 on the Fortune 500. list of largest U.S. companies. On June 8, 2009, Travelers replaced its former parent Citigroup on the Dow Jones Industrial Average.
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.
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. 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. Additionally, the investigation examined whether Travelers had created the illusion of competition by submitting fake bids, thus misleading clients into believing they were receiving competitive commercial premiums.
Advertising
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. (Citation needed regarding the history of the red umbrella icon.)
In 2006, a Travelers commercial titled 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. 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.
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.
In April 2008, The Travelers purchased back the rights to the famous red umbrella, which is featured in several commercials starring 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
- Robert I. Lipp, former Travelers CEO
- Joe Plumeri, former Travelers Vice Chairman, Chairman & CEO of the Willis Group, and owner of the Trenton Thunder
- Sandy Weill, former Travelers Chairman & CEO
Notes
- FAQ
- ^ , Travelers press release, January 26, 2010
- Bloomberg.com - Travelers Rises as Quarterly Profit Beats Estimates
- http://hosted.ap.org/dynamic/stories/U/US_TRAVELERS_DOW_COMPONENT?SITE=NCAGW&SECTION=HOME&TEMPLATE=DEFAULT
- Corporate Governance - Management Team, investor.travelers.com
- St. Paul Travelers profile, New York Times, powered by Vault. Accessed March 1, 2007.
- ^ Citigroup history - Travelers
- ^ Primerica Financial Services history, Citigroup. Accessed March 2, 2007
- Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers, Aetna press release, April 2, 1996
- Citigroup Announces Completion of its Spin-off of Travelers Property Casualty, Citigroup press release, August 20, 2002
- MetLife Completes Acquisition Of Travelers Life & Annuity, MetLife press release, July 1, 2005.
- Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance, Travelers Property Casualty Press Release, September 3, 2003.
- St. Paul Travelers to return to former Red Umbrella logo, St. Paul Travelers press release, February 13, 2007
- "The Travelers Companies, Inc.", "TRV" and Travelers Red Umbrella Now Official, Travelers press release, February 26, 2007
- 2010 Fortune 500 ranking
- Travelers 2008 Charitable Contributions Exceed $19 Million, Travelers press release, February 23, 2009
- http://www.chron.com/disp/story.mpl/ap/fn/5429349.html
- Travelers to Pay $6 Million, Ending Inquiry on Brokers’ Fees - New York Times
- UPDATE 1-Travelers to settle compensation case with states | Markets | Bonds News | Reuters
- AG wraps up insurance bid-rigging investigation - El Paso Times
- Real-life Katamari in Travelers Insurance ad, Zach Stern, September 25, 2006
- Travelers ad imitating Katamari: just coincidence, Zach Stern, September 28, 2006
- "Look Who's Talking: Samuel J. Plumeri Jr". The Trentonian News. May 17, 2010. Retrieved July 15, 2010.
- Bianco, Anthony (March 30, 1998). "Joe Plumeri: The Apostle of Life Insurance E". Business Week. Retrieved July 15, 2010.
External links
| Components of the Dow Jones Industrial Average | |
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