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About Tri State Business Systems, Inc.

Running a business is a risk The Travelers Companies will insure. While it does offer personal insurance, the company's largest segment is commercial property/casualty insurance for businesses big and small. Travelers is one of the largest business insurers in the US, providing commercial auto, property, workers' compensation, and general liability coverage to companies. Personal insurance offerings include auto and homeowners policies. The company also offers surety and fidelity bonds as well as professional and management liability coverage. The US accounts for a majority of sales, though the company has international operations.


Travelers operates in three segments -- Business Insurance, Personal Insurance, and Bond & Specialty Insurance.

The Business Insurance segment (which accounts for nearly 50% of revenue) offers property/casualty insurance and related services to large, midsized, and small companies primarily in the US. It also operates in Canada, the UK, Ireland, and throughout other parts of the world as a corporate member of Lloyd's. Products include commercial auto, property, liability, workers' compensation, and multi-peril coverage.

The Personal Insurance segment (nearly 35% of sales) offers auto, homeowners, flood, marine, property, and umbrella (liability, fraud, and events) policies. It operates in the US and Canada.

The Bond & Specialty Insurance segment (nearly 10% of sales) provides fidelity coverage, surety bonds, and management and professional liability policies in the US. It also writes property, general liability, auto, and workers' compensation coverage for financial institutions and provides select specialty policies in overseas markets. The remainder accounts for other revenue.

The company operates through underwriting subsidiaries including Travelers Property Casualty, Standard Fire, Travelers Casualty and Surety, Travelers Indemnity, Travelers Insurance (UK), and Travelers Syndicate Management (a UK Lloyd's of London syndicate). Travelers also offers reinsurance.

Geographic Reach

The vast majority (about 95%) of Travelers' business is in the US. Its largest markets are California, New York, and Texas. The firm is headquartered in New York City and has executive offices in Hartford, Connecticut, and St. Paul, Minnesota. The company also has about 15 claims management centers and around 50 satellite claims offices in some 45 states.

Additionally, Travelers has modest operations in Canada, the UK, Ireland, Brazil, and Colombia.

Sales and Marketing

Travelers' customers include commercial businesses, associations, government agencies, and individuals.

The company's offerings are distributed through independent agents and brokers across the US. In the Business Insurance segment, some 9,400 agents are supported by customer service centers and about 100 field offices. The unit also writes business abroad, where its products are distributed through independent brokers and via Lloyd's wholesale and retail brokers.

Personal products are distributed through about 9,900 independent agents and select employee and affinity groups. Meanwhile, the Bond & Specialty Insurance segment distributes products through some 5,000 independent agents and brokers.

Financial Performance

Travelers' revenue has maintained a slow-but-steady growth rate over the past five years. Overall, sales increased 18% between 2015 and 2019.

In 2019, revenue increased 4% to some $31.6 billion. This was primarily due to the $1.2 billion increase in premiums.

Net income of $2.6 billion in 2019 increased by 4% over net income of $2.5 billion in 2018. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods.

The company ended 2019 with $494 million in cash, up $121 million from 2018. Operating activities contributed $5.2 billion, while investing activities used $2.9 billion (mostly purchases of fixed maturities), and financing activities used $2.2 billion via treasury stock purchases and dividends.


Travelers targets long-term growth in returns on equity, with the notion that economic cycles, weather patterns, and other factors can impact its business in the short term. Like all property/casualty insurers, the company is especially vulnerable to severe weather and natural disasters. Recent challenges have also come from increasing injury costs in commercial auto policies.

To mitigate these types of losses, companies must have accurate pricing mechanisms and maintain sufficient loss reserves. The company follows disciplined underwriting and investment strategies and maintains a diverse product portfolio to help it stay immune to market and interest rate fluctuations.

From time to time, to protect and grow market share and/or improve the company's efficiency, it invests in strategic initiatives to: Improve business processes and workflow to increase efficiencies and productivity and to enhance the experience of its customers and distributors; Change its underwriting processes; Develop products that insure risks it has not previously insured, contain new coverages or change coverage terms; Expand distribution channels; Change commission terms; and Enter geographic markets within or outside of the United States where it has had relatively little or no market share.

Company Background

The company was formed in 2004 through the merger of The St. Paul Companies and Travelers Property Casualty, creating The St. Paul Travelers Companies. The firm changed its name to The Travelers Companies in 2007.

St. Paul Mutual Insurance was founded in 1853 by a group of Minnesota investors led by George and John Farrington and Alexander Wilkin. It changed its name to St. Paul Fire and Marine Insurance in 1865 when it halted mutual policy sales and expanded throughout the Midwest. The company operated nationwide by the turn of the century, and it changed its name to The St. Paul Companies in 1968.

Travelers Property Casualty was founded in 1864 in Hartford, Connecticut, by businessman James Batterson, banker James Bolter, and other area businessmen. The firm provided travel and accident insurance; it later added auto, workers' compensation, life, property, and liability policies. It divested its travel, accident, and life operations in the 1990s and 2000s.

Tri State Business Systems, Inc.

1 Tower Sq
Hartford, CT 06183-0001
Phone: 1 (860) 277-0111

Firm Stats

Employer Type: Privately Owned
Senior Technical Specialist: Michelle Davis
Treas: Douglas K Russell
Employees (This Location): 4,000
Employees (All Locations): 21,000

Major Office Locations

Hartford, CT

Other Locations

Missoula, MT
Knoxville, TN