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The Travelers Companies, Inc. (symbol: TRV) is a cornerstone of the insurance industry, committed to evolving with the dynamic needs of its customers. With over 150 years of experience, Travelers has become one of the largest property casualty insurers in the United States. As a proud component of the Dow Jones Industrial Average, the company boasts a workforce of more than 30,000 employees and collaborates with 13,000 independent agents.
Travelers offers a wide array of insurance products, catering to both commercial and personal lines. Its commercial operations provide comprehensive coverage options for businesses of all sizes, with a focus on midsize companies. On the personal side, the insurance offerings are split evenly between auto and homeowners coverage. Notably, the company extends its reach globally, deriving 6% of its premiums from international markets.
Travelers is well-known for its pioneering spirit and continuous innovation. From the creation of the first auto and space travel policies to the introduction of hybrid car discounts, the company has consistently set new standards in the industry. In 2009, Travelers established the Travelers Institute for Public Policy, further cementing its role as a leader and innovator in insurance.
Despite the uncertain global landscape, Travelers remains steadfast in its commitment to protecting clients from loss through its adaptive and proactive approach. The company's recent achievements and ongoing projects reflect this philosophy, ensuring they stay ahead of industry trends and customer needs. Whether you are looking for detailed coverage options or insights into industry developments, Travelers stands as a reliable and forward-thinking partner.
The Travelers Institute has announced its new webinar series, Wednesdays with Woodward, for May and June 2023, focusing on critical topics intersecting insurance, business, and public policy.
Key sessions include discussions on rising litigation costs, strategies to manage small business risks, and the significance of Diversity and Inclusion in the workplace. The series starts on May 3 with a session on small business management, featuring Ted James from the U.S. Small Business Administration.
Subsequent sessions are set to address litigation costs, preview the Travelers Championship, and explore disability hiring inclusion. All webinars are free and open to the public, and interested participants can register on the Travelers Institute website.
The Travelers Companies reported a first quarter 2023 net income of $975 million, or $4.13 per diluted share, reflecting a 4% decline from the previous year. Core income also fell 6% to $970 million, or $4.11 per diluted share, mainly due to higher catastrophe losses ($535 million pre-tax) and reduced net favorable prior year reserve development. The quarter's performance included a one-time tax benefit of $211 million. Net written premiums reached a record $9.396 billion, up 12%, with growth in all segments. The consolidated combined ratio was 95.4%, up from 91.3% a year earlier, while the underlying combined ratio improved slightly to 90.6%. The Board declared an 8% increase in the quarterly cash dividend to $1.00 per share and authorized an additional $5 billion for share repurchases.
The Travelers Institute, a public policy division of The Travelers Companies (NYSE: TRV), will host the Cyber: Prepare, Prevent, Mitigate, Restore® symposium on April 17 in Portland. This sold-out event aims to enhance dialogue on cyber preparedness among businesses. According to a recent survey, only 27% of Portland leaders feel informed enough to protect against cyber threats. The symposium will feature speakers from the U.S. Small Business Administration and the Cybersecurity and Infrastructure Security Agency (CISA), addressing the importance of cybersecurity. The event runs from 11:30 a.m. to 1:30 p.m. PST at the Multnomah Athletic Club. All Travelers Institute events are free and open to the public, encouraging local businesses to enhance their cybersecurity measures.
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