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The Travelers Companies, Inc. (TRV) is a leading provider of property and casualty insurance products and services, operating primarily in the United States, Canada, the United Kingdom, the Republic of Ireland, and other parts of the world. The company is organized into three main business segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance . Travelers offers a wide range of insurance products, including property and casualty insurance for businesses and individuals, as well as specialty insurance products .
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Business Insurance - Offers a wide range of property and casualty insurance products and services to businesses of various sizes, including small businesses, mid-sized businesses, large companies, and a broad customer base.
- Select Accounts - Tailored for small businesses.
- Middle Market - Designed for mid-sized businesses.
- National Accounts - Caters to large companies.
- National Property and Other - Serves a broad customer base.
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Personal Insurance - Provides personal property and casualty insurance products, including automobile and homeowners insurance, primarily in the United States and Canada.
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Bond & Specialty Insurance - Provides surety, fidelity, management liability, professional liability, and other specialty insurance products, operating primarily in the United States with some international presence.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alan D. Schnitzer ExecutiveBoard | Chairman of the Board and Chief Executive Officer | Trustee of the University of Pennsylvania, Memorial Sloan Kettering Cancer Center; Director of New York City Ballet and ReadyCT. | Joined TRV in 2007 as Vice Chairman and Chief Legal Officer; became CEO in 2015 and Chairman in 2017. | View Report → |
Andy F. Bessette Executive | Executive Vice President and Chief Administrative Officer | None mentioned. | Joined TRV in 1980; has been in his current role since 2002. | |
Avrohom J. Kess Executive | Vice Chairman and Chief Legal Officer | None mentioned. | Joined TRV in 2016; previously a partner at Simpson Thacher & Bartlett LLP. | |
Daniel S. Frey Executive | Executive Vice President and Chief Financial Officer | None mentioned. | Joined TRV in 2003; became CFO in 2018 after holding various financial management roles. | |
Daniel T.H. Yin Executive | Executive Vice President and Co-Chief Investment Officer | None mentioned. | Joined TRV in 2002; became Co-Chief Investment Officer in 2019. | |
David D. Rowland Executive | Executive Vice President and Co-Chief Investment Officer | None mentioned. | Joined TRV in 1996; became Co-Chief Investment Officer in 2019. | |
Diane Kurtzman Executive | Executive Vice President and Chief Human Resources Officer | None mentioned. | Joined TRV in 1991; became Chief Human Resources Officer in 2020. | |
Gregory C. Toczydlowski Executive | Executive Vice President and President, Business Insurance | None mentioned. | Joined TRV in 1990; became President of Business Insurance in 2016. | |
Jeffrey P. Klenk Executive | Executive Vice President and President, Bond & Specialty Insurance | None mentioned. | Joined TRV in 1999; became President of Bond & Specialty Insurance in 2021. | |
Maria Olivo Executive | Executive Vice President, Strategic Development and President, International | None mentioned. | Joined TRV in 2002; previously served as Corporate Treasurer and EVP of Strategic Development. | |
Michael F. Klein Executive | Executive Vice President and President, Personal Insurance | None mentioned. | Joined TRV in 1990; became President of Personal Insurance in 2015. | |
Mojgan M. Lefebvre Executive | Executive Vice President and Chief Technology & Operations Officer | None mentioned. | Joined TRV in 2018; became Chief Technology & Operations Officer in 2019. | |
William H. Heyman Executive | Vice Chairman and Chairman of the Investment Policy Committee | None mentioned. | Joined TRV in 2002; previously served as Chief Investment Officer until 2019. | |
Bridget van Kralingen Board | Director | Senior Partner at Motive Partners; Director at RBC and Discovery Limited; Board Member of IEX Group, Inc.. | Joined TRV's Board in 2022; former Senior Vice President at IBM and Managing Partner at Deloitte Consulting. | |
Clarence Otis Jr. Board | Director | Director at Verizon Communications, VF Corporation, and MFS Mutual Funds. | Joined TRV's Board in 2017; former CEO of Darden Restaurants. | |
Elizabeth E. Robinson Board | Director | Director at Bank of New York Mellon Corporation, Russell Reynolds Associates; Trustee of Williams College. | Joined TRV's Board in 2020; former Global Treasurer at Goldman Sachs. | |
Laurie J. Thomsen Board | Director | Director at Dycom Industries and MFS Mutual Funds. | Joined TRV's Board in 2004; co-founder of Prism Venture Partners and former General Partner at Harbourvest Partners. | |
Rafael Santana Board | Director | President and CEO of Wabtec; Director at Wabtec. | Joined TRV's Board in 2022; extensive experience in global industrial and transportation sectors. | |
Russell G. Golden Board | Director | Chairman of PwC Assurance Quality Advisory Committee; Faculty at Arizona State University. | Joined TRV's Board in 2023; former Chairman of the Financial Accounting Standards Board (FASB). | |
Thomas B. Leonardi Board | Director | Director at Athene Co-Invest Reinsurance Affiliate, Ltd. 1A and 2A; Member of Apollo/Athene International Regulatory Advisory Group. | Joined TRV's Board in 2021; former EVP at AIG and Commissioner of the Connecticut Insurance Department. | |
Todd C. Schermerhorn Board | Lead Director | Director at Metabolon, Inc. and LivaNova PLC. | Joined TRV's Board in 2016; previously CFO of C.R. Bard, Inc.. | |
William J. Kane Board | Director | Director at Transamerica Corporation. | Joined TRV's Board in 2012; former audit partner at Ernst & Young specializing in insurance and financial services. |
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Given the strong renewal premium change of 10.5% in Business Insurance, at what point do you expect renewal premium changes to moderate, and how might that impact your growth and profitability objectives?
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With $939 million of pre-tax catastrophe losses due to Hurricanes Helene and Milton, how effective are your exposure management strategies, including eligibility restrictions and higher deductibles in high-risk catastrophe areas, in mitigating future catastrophe risk?
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You have implemented significant actions in Personal Insurance to improve profitability, such as restricting eligibility and tightening underwriting, leading to declines in new business premium and policies in force; how do you plan to balance these actions with the need for growth and maintaining market share in Personal Lines?
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The asbestos charge of $242 million in Business Insurance is notable; can you provide more context on the factors leading to this charge, and are there concerns about potential emerging trends impacting reserve adequacy in other lines?
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In Personal Auto, you reported a 9.4-point improvement in the underlying combined ratio, including a 2-point benefit from re-estimation of prior quarters; can you clarify the nature of this re-estimation and whether similar adjustments are expected to impact future results?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Corvus Insurance Holdings, Inc. | 2024 | Completed acquisition: Announced on November 3, 2023 and completed on January 2, 2024, Travelers acquired all issued shares for approximately $426–427 million, funded internally. The deal added $478 million in assets (including $390 million in identifiable intangible assets) and boosted Travelers’ cyber underwriting capabilities within its Bond & Specialty Insurance segment. |
Recent press releases and 8-K filings for TRV.
- Travelers delivered net income of $395 million and core income of $443 million, with EPS of $1.70 (net) and $1.91 (core), demonstrating robust financial performance .
- The quarter’s underlying underwriting income reached approximately $1.6 billion pre-tax—up 32% year-over-year—and featured an improved underlying combined ratio of 84.8% (a 2.9-point improvement) .
- The period was impacted by significant catastrophe losses from California wildfires, reported as $1.7 billion pre-tax in one account and $2.266 billion pre-tax in another , though operating cash flows remained robust at $1.4 billion .
- Net written premiums grew across all segments with record new business premiums in Business Insurance, and solid production in Bond & Specialty and Personal Insurance .
- Capital management initiatives included share repurchases of $358 million and a 5% dividend increase to $1.10 per share, reinforcing confidence in long-term shareholder value .