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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
New York City
and its largest office in Hartford, Connecticut . Travelers also maintains a large office in 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
Singapore
, China, Canada, and Brazil. In 2014, the company reported revenues of 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.

CONTENTS

* 1 History * 2 Alleged anticompetitive practices * 3 National Football League lawsuit * 4 Advertising * 5 Notable former employees * 6 Notes * 7 External links

HISTORY

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
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
USF&G
, known formerly as United States
United States
Fidelity and Guaranty Company, an insurance company based in Baltimore, Maryland , for $3.9 billion in stock and assumed debt. By buying USF"> The Travelers logo, ca. 1993

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
Aetna
's property and casualty business in 1996.

In 1998, the Travelers Group merged with Citicorp to form Citigroup
Citigroup
. However, the synergies between the banking and insurance arms of the company did not work as well as planned, so Citigroup
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
MetLife
. In 2003, Travelers bought renewal rights for Royal & SunAlliance Personal Insurance
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. In August of that year, it was charged of misleading statements associated with the merger. 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.

Many of Travelers' ancestor companies, such as St. Paul and USF&G
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 insurers in the United States
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.

In June 2013, Travelers announced the acquisition of Dominion of Canada General Insurance
Insurance
Company from E-L Financial Corporation Limited (TSX: ELF). The transaction later closed in November 2013. The combined organization, referred to as Travelers Canada, remains headquartered in Toronto
Toronto
.

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.

In October 2015, Travelers acquired a majority interest in the property casualty business of its J. Malucelli joint venture in Brazil. J. Malucelli commenced writing property casualty business in 2012. 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.

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.

Travelers is currently 116 on the Fortune 500 list of largest U.S. companies. On June 8, 2009, Travelers replaced its former parent Citigroup
Citigroup
on the Dow Jones Industrial Average.

On August 4, 2015, the company announced that Alan Schnitzer would succeed Jay Fishman as Chief Executive Officer effective December 1, 2015.

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, offering products online on behalf of a broad panel of carriers. The company has more than 430,000 microbusiness customers, covering more than 1,000 classes of business.

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.

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 failing to protect players from brain injury , in a case filed in the New York State Supreme Court
New York State Supreme Court
called Discover Property "> 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.

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
Katamari Damacy
. 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.

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, former Chairman & CEO of Willis Group Holdings , and owner of the Trenton Thunder * Sandy Weill , former Travelers Chairman & CEO * Jay S. Fishman , former Travelers Chairman -webkit-column-width: 30em; column-width: 30em; list-style-type: decimal;">

* ^ A B Travelers\' NYC address = HQ move? * ^ A B C D E F "Travelers 2016 Annual Report" (PDF). * ^ The Associated Press (2009-06-01). "Travelers and Cisco Replace G.M. and Citi in Dow". The New York Times. ISSN 0362-4331 . Retrieved 2017-04-19. * ^ Browning, E.S. (2009-06-01). "Travelers, Cisco Replace Citi, GM in Dow". The Wall Street Journal. Retrieved 2017-04-19. * ^ Journal, Leslie Scism Staff Reporter of The Wall Street (1998-01-20). "St. Paul to Acquire USF&G
USF&G
In $2.8 Billion Stock Swap". Wall Street Journal. ISSN 0099-9660 . Retrieved 2016-12-28. * ^ "The St. Paul Travelers Companies, Inc. - Company Profile, Information, Business Description, History, Background Information on The St. Paul Travelers Companies, Inc.". www.referenceforbusiness.com. Retrieved 2016-11-13. * ^ Moylan, Martin. "Travelers drops the "St. Paul." Will it drop the other shoe?". Retrieved 2016-12-28. * ^ A B Citigroup
Citigroup
history - Travelers * ^ A B Primerica Financial Services history, Citigroup. Retrieved March 2, 2007. * ^ Aetna
Aetna
Completes Previously Announced Sale Of Property/Casualty Operations To Travellers, Aetna
Aetna
press release, April 2, 1996 * ^ Citigroup
Citigroup
Announces Completion of its Spin-off of Travelers Property Casualty, Citigroup
Citigroup
press release, August 20, 2002 * ^ MetLife
MetLife
Completes Acquisition Of Travelers Life & Annuity, MetLife
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 4, 2003. * ^ "Travelers Buys Some Royal & SunAlliance Lines". www.propertycasualty360.com. Retrieved 2016-12-28. * ^ Treaster, Joseph B. (2003-11-18). "$16 Billion Deal Joins St. Paul and Travelers". The New York Times. ISSN 0362-4331 . Retrieved 2016-12-28. * ^ "The St. Paul Travelers Companies, Inc. : Travelers Property Casualty Corp.\'s Class A and Class B common stock Securities Litigation". Stanford Law School. Retrieved April 19, 2017. * ^ "Securities Class Action Clearinghouse: Case Page". securities.stanford.edu. Retrieved 2016-12-28. * ^ Riley, Clint (2007-02-14). " Citigroup
Citigroup
Sells Red Umbrella
Umbrella
Logo to St. Paul". Wall Street Journal. ISSN 0099-9660 . Retrieved 2016-12-28. * ^ Merced, Michael J. De La (2007-02-13). " Citigroup
Citigroup
folds its umbrella logo - Business - International Herald Tribune". The New York Times. ISSN 0362-4331 . Retrieved 2016-12-28. * ^ St. Paul Travelers to return to former Red Umbrella
Umbrella
logo, St. Paul Travelers press release, February 13, 2007 * ^ Mullman, Jeremy (February 13, 2007). "Travelers Reunites With Red Umbrella". Advertising Age. Retrieved April 19, 2017. * ^ "Travelers Taps Into Brazil With Joint Venture". Forbes. November 4, 2010. Retrieved 2016-08-15. * ^ "Travelers Eyes Canada Growth with $1.1B Acquisition of The Dominion". Insurance
Insurance
Journal. June 10, 2013. Retrieved 2016-08-15. * ^ "Travelers completes acquisition of The Dominion". Canadian Underwriter. November 1, 2013. Retrieved 2016-08-15. * ^ "Travelers Companies\' Joint Venture with J