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(Redirected from St. Paul Travelers)
'The Travelers Companies' () is the second largest underwriter of commercial property casualty and personal insurance in the United States. The company is headquartered in St. Paul, Minnesota and has major operations in Hartford, Connecticut.
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland and Canada. In 2005, the company reported revenues of US$24.4 billion and total assets of US$113.2 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
The main predecessor companies of Travelers are the St. Paul Companies and Travelers Property Casualty Corporation.
The 'St. Paul Companies' was founded in 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.[2]
'Travelers' was founded in 1864 in Hartford, Connecticut. 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.[3]
In the 1990s, it went through a series of mergers and acquisitions. It was bought by Primerica in 1993[4], but the resulting company retained the Travelers name. In 1995 it became 'The Travelers Group'3. It bought Aetna's property and casualty business in 1996.[5]
In 1998, the Travelers Group bought 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 subsidary company in 2002[6], although it kept the red umbrella logo. Three years later, Citigroup later sold Travelers Life & Annuity to MetLife.[7]
In 2003, Travelers bought renewal rights for Royal & SunAlliance Personal Insurance and Commercial businesses.[8] In 2004, Travelers merged with the St. Paul Companies and renamed itself 'St. Paul Travelers'. This corporate name 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''.[9][10]
Travelers provides support for charitable organizations in the community through two private foundations, Travelers Foundation and Travelers Connecticut Foundation. Travelers' community giving remains focused on community development, education, the arts, and culturally diverse programs. The company's employees are consistently active in community initiatives and give thousands of hours in volunteer time each year. In 2006, its two private foundations contributed up to $15 million dollars.[11]
In 2006, the company introduced a new brand advertising campaign, including four television commercials: Bridge, Boxer, Snowball and Shark. The commercials tell the story ever-changing risks and the importnce of keeping your insurnace "in-synch." In 2007, the company added two additional commercials to the campaign, Risk and Luck, and 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''.[12][13] 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.[14]
Also in 2007, the company sponsored the Travelers Championship golf tournament on the PGA TOUR.
1. St. Paul Travelers Companies Inc Financial Supplement - Fourth Quarter 2006 (PDF), St. Paul Travelers press release, February 1, 2007
2. St. Paul Travelers profile, New York Times, powered by Vault. Accessed March 1, 2007.
3. Citigroup history - Travelers
4. Primerica Financial Services history, Citigroup. Accessed March 2, 2007
5. Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers, Aetna press release, April 2, 1996
6. Citigroup Announces Completion of its Spin-off of Travelers Property Casualty, Citigroup press release, August 20, 2002
7. MetLife Completes Acquisition Of Travelers Life & Annuity, MetLife press release, July 1, 2005.
8. Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance, Travelers Property Casualty Press Release, September 3, 2003.
9. St. Paul Travelers to return to former Red Umbrella logo, St. Paul Travelers press release, February 13, 2007
10. "The Travelers Companies, Inc.", "TRV" and Travelers Red Umbrella Now Official, Travelers press release, February 26, 2007
11. Travelers 2006 Annual Charitable Contributions Top Million, Travelers press release, March 16, 2007
12. Video of the Travelers Insurance commercial
13. Real-life Katamari in Travelers Insurance ad, Zach Stern, September 25, 2006
14. Travelers ad imitating Katamari: just coincidence, Zach Stern, September 28, 2006
★ Company home page
'The Travelers Companies' () is the second largest underwriter of commercial property casualty and personal insurance in the United States. The company is headquartered in St. Paul, Minnesota and has major operations in Hartford, Connecticut.
The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland and Canada. In 2005, the company reported revenues of US$24.4 billion and total assets of US$113.2 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
| Contents |
| History |
| Philanthropy |
| Advertising |
| References |
| External links |
History
''Top'': The familiar umbrella logo of the Travelers, used until its spinoff from Citigroup. ''Bottom'': The logo the The St. Paul used prior to the merger with Travelers.
The 'St. Paul Companies' was founded in 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.[2]
'Travelers' was founded in 1864 in Hartford, Connecticut. 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.[3]
In the 1990s, it went through a series of mergers and acquisitions. It was bought by Primerica in 1993[4], but the resulting company retained the Travelers name. In 1995 it became 'The Travelers Group'3. It bought Aetna's property and casualty business in 1996.[5]
In 1998, the Travelers Group bought 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 subsidary company in 2002[6], although it kept the red umbrella logo. Three years later, Citigroup later sold Travelers Life & Annuity to MetLife.[7]
St. Paul Travelers logo used until February 2007
Philanthropy
Travelers provides support for charitable organizations in the community through two private foundations, Travelers Foundation and Travelers Connecticut Foundation. Travelers' community giving remains focused on community development, education, the arts, and culturally diverse programs. The company's employees are consistently active in community initiatives and give thousands of hours in volunteer time each year. In 2006, its two private foundations contributed up to $15 million dollars.[11]
Advertising
In 2006, the company introduced a new brand advertising campaign, including four television commercials: Bridge, Boxer, Snowball and Shark. The commercials tell the story ever-changing risks and the importnce of keeping your insurnace "in-synch." In 2007, the company added two additional commercials to the campaign, Risk and Luck, and 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''.[12][13] 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.[14]
Also in 2007, the company sponsored the Travelers Championship golf tournament on the PGA TOUR.
References
1. St. Paul Travelers Companies Inc Financial Supplement - Fourth Quarter 2006 (PDF), St. Paul Travelers press release, February 1, 2007
2. St. Paul Travelers profile, New York Times, powered by Vault. Accessed March 1, 2007.
3. Citigroup history - Travelers
4. Primerica Financial Services history, Citigroup. Accessed March 2, 2007
5. Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers, Aetna press release, April 2, 1996
6. Citigroup Announces Completion of its Spin-off of Travelers Property Casualty, Citigroup press release, August 20, 2002
7. MetLife Completes Acquisition Of Travelers Life & Annuity, MetLife press release, July 1, 2005.
8. Travelers Property Casualty Corp. Buys Renewal Rights To Commercial and Personal Lines Businesses of Royal & SunAlliance, Travelers Property Casualty Press Release, September 3, 2003.
9. St. Paul Travelers to return to former Red Umbrella logo, St. Paul Travelers press release, February 13, 2007
10. "The Travelers Companies, Inc.", "TRV" and Travelers Red Umbrella Now Official, Travelers press release, February 26, 2007
11. Travelers 2006 Annual Charitable Contributions Top Million, Travelers press release, March 16, 2007
12. Video of the Travelers Insurance commercial
13. Real-life Katamari in Travelers Insurance ad, Zach Stern, September 25, 2006
14. Travelers ad imitating Katamari: just coincidence, Zach Stern, September 28, 2006
External links
★ Company home page
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