In 1980, President Drake returned to focusing primarily on insurance-related activities. On August 4, 2017, Travelers completed the previously announced acquisition of Simply Business, a leading provider of small business insurance policies in the UK. [41] In 2004, the St. Paul and Travelers Companies merged and changed their name to St. Paul Travelers, based in St. Paul, Minnesota. [22] In August of that year, she was charged with misleading statements in relation to the merger. [23] [24] Despite numerous assurances from CEO Jay Fishman that the newly formed company would retain the St. Paul name, the company`s name only existed until 2007, when the company bought the rights to Citigroup`s famous red logo and readopted it as the company`s primary symbol, while changing the company`s name to The Travelers Companies.

[25] [26] [27] [28] 2019: Creation of a new comprehensive life sciences practice offering insurance and risk management solutions in the pharmaceutical, medical device and digital health sectors. On August 15, 2018, Travelers acquired a majority stake in Zensurance, a digital insurance broker in Canada. [42] 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 Bogotá-based company operates under the name J. Malucelli Reisen. [32] Under the direction of Chief Executive Officer Sanford I. Weill, Primerica changed its name to Travelers Group and purchased the accident and property insurance businesses of Aetna Life and Casualty Company in 1996. A year later, Travelers purchased Salomon Brothers Inc. and merged this investment banking firm with its own Shearson-Smith Barney unit to form Salomon Smith Barney Holdings Inc., creating one of the largest investment firms in the United States. In 1998, Travelers merged with Citicorp to form Citigroup.

The new financial services conglomerate came under Weill`s leadership and adopted the red umbrella logo, retaining it even after the property and casualty insurance split in 2002 to form a new publicly traded company called Travelers Property Casualty Corp. In the early 1990s, Travelers was primarily a general property and casualty insurer, coincidentally purchasing travel insurance on the side, and in February 1994, Travelers quietly exited its original travel insurance business by selling the unit to a retired Travelers executive. [16] The resulting company is now known as Travel Assured International, a Crum and Forster company. [16] In November 2010, Travelers entered into a joint venture agreement under which it would invest in J. Malucelli Participações em Seguros e Resseguros S.A., the market leader in surety insurance in Brazil. Travelers Insurance, a leading U.S. insurance company with a history of mergers, acquisitions and spin-offs, primarily in the insurance and financial services sectors. In 1998, it acquired USF&G, formerly known as United States Fidelity and Guaranty Company, an insurance company based in Baltimore, Maryland, for $3.9 billion in stock and assumed the debt. [8] [9] By purchasing USF&G, they went from the 13th to the eighth largest property and casualty insurance company in the United States. Due to the economies of scale between the two companies and a challenging business environment, they significantly reduced the size of the business in the coming years by selling some business units to focus on more profitable business units. [10] [11] In April 1998, Travelers Group merged with Citicorp to form Citigroup. [14] However, synergies between the company`s banking and insurance businesses did not work as well as expected, so Citigroup split Travelers Property and Casualty into a subsidiary in 2002,[18] although it retained the red umbrella logo.

Three years later, Citigroup Travelers sold Life & Annuity to MetLife. [19] In 2003, Travelers purchased renewal rights for Royal & SunAlliance personal and commercial insurance companies. [20] [21] The Travelers Insurance Company was founded in 1864 by James Batterson, a stonemason. That year, it sold the first accident insurance in the United States, and in 1865 it began selling life insurance, becoming the first company in the country to offer more than one type of insurance. When Batterson died in 1901, Travelers also offered health, liability, and auto insurance, at a time when many insurers were still limited to a single line of insurance. In 1919, the company was the first to sell aviation insurance, and during World War II, it designed the Manhattan Project, which built the first atomic bomb. Travelers introduced its logo – a red umbrella as a symbol of protection – in 1960. In 1965, the company was renamed The Travelers Corporation. In 1965, the company was renamed The Travelers Corporation.

The St. Paul also added aviation insurance and surety bonds to its product line in 1929. Many ancestors of travelers, such as St. Paul and USF&G technically still exist today and still write policies and accept claims in their own name (under the global Travellers brand). As is customary for most insurers in the United States, Travelers has never dissolved the various companies it has acquired, but has 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 a group company faces too many claims, the situation can easily be limited to that one company (which is trickled down and allowed to execute its policies until completion) while the rest of the group continues to operate normally.

In the 1990s, Travelers went through a series of mergers and acquisitions. It was purchased by Primerica in December 1993, but the resulting company retained the Travelers name. In 1995, it became The Travelers Group.[14] It purchased Aetna`s property and casualty business in 1996. [17] 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 damage. The league had sued more than three dozen insurance companies the previous week to cover players` claims against the league. [49] [50] [51] 1957 With the acquisition of Western Life Insurance Company, The St Paul enters the life insurance market. “The Travelers Corporation.” International Directory of Business Histories. Retrieved 22. June 2022 by Encyclopedia.com: www.encyclopedia.com/books/politics-and-business-magazines/travelers-corporation In December, The St Paul decided to sell its loss-making Minet Group and eventually sold it to Chicago-based insurance brokerage Aon in May 1997.

In the ten years following the war, accidents increased by 30 per cent and the cost of personal injury by 86 per cent. Travelers began losing money on their auto liability lines until 1959, when the company began basing insurance rates on the driver`s safety record. In October 2015, Travelers acquired a majority stake in the property and casualty business of its joint venture J. Malucelli in Brazil. J. Malucelli began purchasing property and casualty insurance in 2012. [33] The property and casualty insurance segment operates under the Travelers brand and focuses on property, liability, construction and financial insurance products. The company is based in São Paulo.

In March 2017, Travelers agreed to acquire UK-based Simply Business from Aquiline Capital Partners for approximately $490 million. Simply Business is one of the UK`s leading distributors of small business insurance policies, offering online products to a wide range of carriers. It has over 425,000 micro-enterprise clients in over 1,000 business areas and was named `Best Company to Work For` by the Sunday Times in 2015 and 2016. The transaction expands Travelers` digital capabilities. [35] [36] [37] In January 2007, Travelers agreed to pay $77 million to six states to settle a class action lawsuit and drop the investigation into its insurance practices. [44] [45] The indictment consisted of paying contingent commissions to the insurance broker Marsh & McLennan Companies to obtain contracts without the clients` knowledge, thereby creating a conflict of interest. [46] It was also investigated whether travellers had created the illusion of competition through fake auctions,[47] thereby misleading customers into receiving competitive commercial rewards. [48] The red umbrella logo was created in 1870 when it appeared in a newspaper advertisement for the fledgling insurance company. It was revived in the early 1960s when it got its signature red color from Harry W.

Knettell, then an account executive for The Travelers and vice president of advertising agency Charles Brunelle. In the late 1960s, Charles Brunelle was the largest advertising agency in Hartford, a city known as the “Insurance Capital of the World,” “Insurance Hollywood,” or “America`s Record Cabinet” because of the city`s many insurance companies. The Travelers was one of his many insurance company clients. [52] [best source needed] In 1864, Hartford businessman James G. Batterson met with a local banker, James E.