Travelers Group

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The Travelers Companies
Founded 2007 (post-merger)
Headquarters Hartford, CT
Key People Jay S. Fishman
Employees 33,000 (Dec. 2007)
Products commerical property casualty insurance and personal insurance products

The Travelers Group insurance company has had several incarnations over the past decade since since it was bought by Citibank and merged into its newly-formed Citigroup financial-services giant. It was spun off as a separate insurer four years later, merged again soon afterwards, and has since re-emerged once more as an own-brand property and casualty insurer called the Travelers Companies.

Brief history[edit]

The original Travelers Group was formed in 1993 through the merger of insurers the Travelers Corporation and Primerica,[1] and remained a highly-acquisitive insurance group during the 1990s. In 1998 was bought by Citibank in 1998 and merged into newly-formed Citigroup financial-services 'supermarket' but the merger was considered a failure and Travelers was spun off into Travelers Property Casualty in 2002. Travelers again merged, this time with the St. Paul Companies Inc. in 2004, to form St. Paul Travelers[2] and was re-named The Travelers Companies in 2007.[3]

In 2007 the newly-reformed Travelers recorded total 2007 revenue of $26 billion, including $21.6 billion in net written premiums, and held total assets of $115.2 billion.[4] Travelers is both the second-largest commercial property and casualty insurance writer and second-largest personal homeowner and auto insurance writer through independent agents in the U.S. market and ranks number 93 on the Fortune 500 list of largest U.S. companies.[5]

Key people[edit]

Chairman and Chief Executive Officer Jay S. Fishman had held both top jobs plus the title of president at the Travelers Insurance Group Inc. while Travelers was still part if Citigroup, where he had also been chief operating officer of finance and risk.[6] Following the Travelers spin-off in 2002 he continued to hold all three jobs, while after the merger with St. Paul Companies in 2004 he was appointed CEO of the new group and added the role of chairman one year later. Fishman began his career with insurer Primerica, later merged with Travelers, in 1989.

Latest news[edit]

Travelers will get a second chance to have a key asbestos settlement resolved, this time by the U.S. Supreme Court (USSC), after a federal appeals court had earlier tossed out a settlement agreed on by a lower bankruptcy court.[7] The USSC has decided to reconsider the original $500 million settlement against Travelers, which the insurer agreed to on provision that it face no further asbestos claims relating to the bankruptcy of former client and asbestos manufacturer Johns Manville Corp.