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The second largest insurance company in the United States: Travelers Companies (TRV) (1853)

Travelers Insurance (or: Travelers Group) Travelers Companies, Inc. (NYSE:TRV) was founded in 1853, headquartered in New York, USA, with 30,800 full-time employees. It is an American commercial and personal property insurance and disaster insurance company. A subsidiary of Citigroup , it is also the second largest insurance company in the United States after American International Group (AIG).

Travelers Companies TRV Logo

Travelers Insurance (Travelers Group) Travelers Companies (TRV):

The Travelers Companies (The Travelers Companies), or Travelers Group, is a property insurance company in the United States, and it also operates investment banking, commercial credit, and financing services. It used to be a subsidiary of Citigroup , the second largest underwriter of US commercial property casualty insurance, and the sixth largest underwriter of US personal insurance through independent agents.

The Travelers Companies, Inc. through its subsidiaries provides a series of commercial and personal property, accident insurance products and services to enterprises, government units, associations and individuals in the United States and internationally.

Travellers was established in Minnesota, headquartered in New York City, and its largest office is in Hartford, Connecticut. Travellers also has a large office in St. Paul, Minnesota. The company has offices in every state in the United States and operations in the United Kingdom, Ireland, Singapore, China, Canada, and Brazil. The Traveller Group ranked 106th among the Fortune 500 companies in 2018, with total revenue of US$28.9 billion.

Traveler Group has three businesses: corporate and international insurance, bond and professional insurance, and personal insurance.

  1. Traveler insurance companies and international insurance businesses : provide property and accident products, including commercial comprehensive insurance policies, commercial properties, general accident liability, commercial vehicles and employee compensation, personal property, employer accident liability, public and product accident liability, and specialized occupational injuries Compensation, commercial property, guarantee, navigation, aviation, personal accident, kidnapping and ransom insurance. The operation of this business provides traditional and customized property insurance solutions to medium and large clients through selected accounts serving small companies, business accounts serving medium-sized companies and domestic accounts serving large companies, through brokers and wholesale agents Professional marketing of products sold and signed by vendors, program managers and professional retail agents;
  2. Traveler insurance bonds and professional insurance business : provide employee loyalty and guarantees, general accident liability and others, such as property, employee compensation, commercial vehicles and commercial comprehensive insurance products;
  3. Traveler insurance personal insurance business : provide property and accident insurance, covering personal risks, mainly for personal car and homeowner insurance.

Traveler insurance companies mainly sell products through independent agents and brokers, and the company has a 7.6% share of the US commercial insurance market. The company also operates investment banking, commercial credit, and financing services.

Travelers Insurance (Travelers Group) Travelers Companies (TRV) History:

  • On March 5, 1853, the Saint Paul Fire and Marine Insurance Co. was established in St. Paul, Minnesota, the predecessor of the Traveller Group;
  • In 1864, Travelers, another predecessor of the group, was founded;
  • In 1993, Travelers’ travel insurance business was acquired by the private equity company Travel Insured International;
  • In 1993, Travelers acquired Primerica;
  • In 1995, the company changed its name to The Travelers Group;
  • In 1996, The Travelers Group acquired Aetna ‘s property and accident insurance business;
  • In April 1998, Citibank merged with Traveller Group to form “Citigroup”;
  • In 1998, it acquired the insurance company USF&G (United States Fidelity and Guaranty Company);
  • In 2002, Citi separated the property insurance business of Traveller Group and operated independently from Citi;
  • In 2003, Travelers acquired the personal insurance and commercial insurance businesses of Royal & SunAlliance;
  • In November 2003, Travellers Insurance merged with St. Paul Group to form the “St. Paul Travelers Companies Inc.” (St. Paul Travelers Companies Inc.), becoming the second largest insurance company in the United States, second only to American International Group;
  • In July 2005, Citigroup sold Traveller Life Insurance Annuity Company and most of its international insurance business to Metropolitan Life Insurance ;
  • In 2007, the Sao Paulo Travelers Insurance Company was renamed “The Travelers Companies-The Travelers Companies”;
  • On June 8, 2009, the Traveller Group was included in the Dow Jones Industrial Average and replaced the former parent company Citigroup;
  • In November 2010, Travellers signed a joint venture agreement under which the company will invest in J. Malucelli Participaçõesem Seguros e Resseguros SA, a market leader in Brazil’s guarantee insurance business. The transaction was completed in June 2011, and the traveler obtained a 43.4% equity.
  • In June 2013, Traveller announced the acquisition of Dominion of Canada General Insurance Company (Dominion of Canada General Insurance Company) from EL Financial Corporation Limited (TSX: ELF). The transaction was subsequently completed in November 2013. The combined organization is called Travellers Canada, and its headquarters remains in Toronto.
  • On August 4, 2015, the company announced that Alan Schnitzer (Alan Schnitzer) succeeded Jay Fishman (Jay Fishman) as CEO, effective December 1, 2015.
  • In September 2015, the joint venture between Traveller Group and Brazilian J. Malucelli completed the acquisition of a majority stake in Cardinal Compañíade Seguros, a start-up guarantee company in Colombia. The company is located in Bogotá and operates under the joint brand name J. Malucelli Travelers.
  • In October 2015, Traveller Group acquired a majority stake in the property casualty business of its J. Malucelli joint venture in Brazil. J. Malucelli began underwriting property casualties in 2012. The property casualty business is operated under the Travelers brand, focusing on property, general liability, construction and financial insurance products. The company is located in Sao Paulo.
  • In March 2017, Travellers agreed to acquire British-based Simply Business from Aquiline Capital Partners for approximately US$490 million. Simply Business is the leading distributor of insurance policies for small businesses in the UK, providing products online on behalf of many operators. It has more than 425,000 micro-enterprise customers, covering more than 1,000 business categories, and was named the “Best Employer” by the Sunday Times in 2015 and 2016.
  • On August 4, 2017, Travellers completed the acquisition of Simply Business, which is the leading provider of insurance policies for small businesses in the UK.
  • In 2018, Traveller was ranked 106th among the Fortune 500 companies.
  • On August 15, 2018, Traveller acquired a majority stake in Zensurance, a Canadian digital commercial insurance brokerage company.
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