TRAVELERS COMPANIES, INC. (TRV)

The Travelers Companies, Inc. is a holding company that, through its subsidiaries, provides a wide range of commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. Incorporated in Minnesota, it is one of the oldest insurance organizations in the United States, dating back to 1853. On May 27, 2025, it agreed to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corporation for about US$2.4 billion; the sale closed on January 2, 2026, and the Company kept its Canadian surety business.

The business described here is its commercial Insurance operation, which had net written premiums of $22.7 billion in 2025. It is organized into Select Accounts (small businesses), Middle Market (mid-sized businesses, plus targeted industries and specialty lines such as excess casualty, inland marine, ocean marine and boiler & machinery), National Accounts (large companies, loss-sensitive casualty programs, claims and risk management services, and the commercial residual market), and National Property and Other (commercial property, Northland Transportation, Agribusiness, Northfield excess and surplus lines, and National Programs). International covers the United Kingdom, Ireland and Lloyd's Syndicate 5000, where the Company provides 100% of the capital, and underwrites marine, energy, property, aviation and special risks. Insurance also includes Simply, a small business insurer in the United Kingdom, and an Other category that mainly holds asbestos liabilities and runoff operations. Main coverages are commercial multi-peril, commercial automobile, commercial property, general liability and workers' compensation. Products include guaranteed-cost policies, loss-sensitive policies (large deductible and retrospectively rated) and fee-based service programs.

Customers range from small businesses with fewer than 50 employees to mid-sized firms with 50 to 1,000 employees and large national companies, along with agricultural, trucking, technology, construction, energy, public sector and international trade customers. Domestic business was 91.5% of 2025 insurance net written premiums. By direct written premiums, California (13.2%), New York (8.0%) and Texas (7.5%) were the largest states, and international business was about 4.0%. The Company also assumes 20% of certain gross written premiums of Fidelis under a quota share agreement and holds a minority investment in Fidelis.

Products are distributed mainly through thousands of independent agencies and brokers, serviced by 80 field offices, customer service centers and centralized business centers. National Accounts uses national and regional brokers, and International uses brokers and Lloyd's wholesale and retail brokers. Competitors include national and regional property and casualty insurers, foreign and domestic, as well as alternatives such as self-insurance and captives. The industry has about 1,100 property and casualty groups in the United States. The Company manages catastrophe exposure through modeling, underwriting actions and reinsurance, and generally limits net retention to $6.7 million per insured for third-party liability and $20.0 million per risk for property. Its principal executive offices are at 485 Lexington Avenue, New York, with additional executive offices in Hartford, Connecticut and St. Paul, Minnesota.