The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, Shanghai and Canada. In 2007, the company reported revenues of US $26 billion and total assets of US $115 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:
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.
Travelers was founded in 1864 in Hartford. 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.
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's property and casualty business in 1996.
In 1998, the Travelers Group merged with 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 subsidiary company in 2002, although it kept the red umbrella logo. Three years later, Citigroup later sold Travelers Life & Annuity to MetLife.
In 2003, Travelers bought renewal rights for Zenith's Commercial businesses. 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.
Travelers is currently 93 on the Fortune 500 list of largest U.S. companies.
In 2006, the company introduced a new brand advertising campaign, including four television commercials: Bridge, Boxer, Snowball and Shark. The commercials tell stories of ever-changing risks and the importance of keeping your insurance "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. 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.
Coronado, Calif., Hotel Sold to Travelers Group Inc. Unit.(Originated from North County Times, Escondido, Calif.)
Sep 13, 1996; CORONADO, CalifSep. 13--The announcement Thursday that Hotel del Coronado Limited Partnership, an affiliate of the New York-based...