# The Travelers Companies
**The Travelers Companies, Inc.** is an American property and casualty (P&C) insurance company that sells commercial, surety, and personal insurance through three segments: Business [Insurance](https://www.edgepedia.org/insurance), Bond & Specialty Insurance, and Personal Insurance. It is the sixth-largest US P&C insurer across all lines and the second-largest commercial lines writer based on 2025 direct premiums written, and it is the only P&C company in the [Dow Jones Industrial Average](https://www.edgepedia.org/dow-jones-industrial-average).[1](https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=4003) • [2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9)
| Key fact | Detail |
|---|---|
| Scale | More than 30,000 employees; total assets of approximately $133 billion and shareholders' equity of approximately $28 billion at December 31, 2024; total revenue of more than $46 billion in 2024[2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9) |
| Premiums | Record net written premiums of $43.4 billion in 2024, up 8%, the 15th consecutive year of growth[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) |
| Market rank | Sixth among US P&C groups by 2024 direct premiums written ($41.92 billion), with market share reported as 3.95% by the Treasury's Federal Insurance Office and 3.97% by NAIC data[4](https://home.treasury.gov/system/files/311/Final+FIO+2025+Annual+Report.pdf) • [5](https://milliondollarbosses.com/sites/default/files/research-actuarial-property-casualty-market-share.pdf) |
| Combined ratio | 92.5% in 2024, versus 94.5% in 2023 and 97.0% in 2022; 89.9% in 2025 per the earnings release[6](https://www.sec.gov/Archives/edgar/data/86312/000008631225000004/a992finsupp123124.htm) • [7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx) |
| Profitability | 2025 core income of $6.3 billion ($27.59 per diluted share), core ROE 19.4%; a $4.1 billion underwriting gain, the largest in the group's history[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) • [1](https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=4003) |
| Capital | Year-end 2025 surplus grew 11.7% to approximately $29.4 billion; $4.2 billion returned to shareholders in 2025[1](https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=4003) • [7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx) |
| Distribution | More than 12,700 independent agents and brokers in the US, Canada, the UK, and Ireland[2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9) |
## History
The company traces its origin to two insurers: the St. Paul Fire and Marine Insurance Company, founded in 1853 in [Saint Paul, Minnesota](https://www.edgepedia.org/saint-paul-minnesota), and the Travelers Insurance Company of Hartford, founded in 1864.[9](https://corpdigest.com/company/travelers/company-history) In 1864 Batterson, a Hartford businessman, introduced accident insurance to the United States; the company's own history records that he quoted the banker James E. Bolter two cents to insure his four-block walk home.[10](https://www.travelers.com/about-travelers/travelers-history)
The modern corporate structure dates from the 1990s. Travelers Group, formed in late 1993, built its scale largely through mergers, culminating in the 1998 combination with Citicorp.[11](https://www.nytimes.com/1998/04/07/business/shaping-colossus-history-evolution-pre-victorian-pin-stripes-one-big-red.html) The insurance business returned to public ownership through the March 2002 IPO of Travelers Property Casualty Corporation, with roughly $3.9 billion in proceeds, and merged with The St. Paul Companies on April 1, 2004 in a roughly $16 billion stock deal to form The St. Paul Travelers Companies, Inc.[12](https://www.teardown.ai/companies/travelers) • [10](https://www.travelers.com/about-travelers/travelers-history) In February 2007 the name changed to The Travelers Companies, Inc.[10](https://www.travelers.com/about-travelers/travelers-history)
## Business segments and products
**Business Insurance**'s 2025 premium mix was 26% commercial multi-peril, 18% commercial auto, 16% commercial property, 16% general liability, 15% workers compensation, and 9% international.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) Travelers is the No. 1 writer of workers compensation insurance in the United States and the second-largest commercial insurance carrier overall.[2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9)
**Bond & Specialty Insurance** offers surety, fidelity, management liability, professional liability, and other property and casualty coverages; its 2025 mix was 54% management liability, 32% surety, and 14% international.[7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx) • [8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf)
**Personal Insurance** sells primarily in the United States and Canada, with automobile and homeowners insurance as its primary products complemented by related coverages; the 2025 mix was 52% homeowners and other, 44% automobile, and 4% international.[13](https://www.businesswire.com/news/home/20250120457726/en/Travelers-Reports-Exceptional-Fourth-Quarter-and-Full-Year-Results) • [8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) Distribution runs through more than 12,700 independent agents and brokers.[2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9)
## By the numbers
Earned premiums were $37,761 million in 2023, $41,941 million in 2024, and $43,914 million in 2025, with total revenues of $48,828 million in 2025.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) The consolidated combined ratio was 97.0% in 2022, 94.5% in 2023, and 92.5% in 2024.[6](https://www.sec.gov/Archives/edgar/data/86312/000008631225000004/a992finsupp123124.htm) For 2025 the earnings release reports 89.9%, improved 2.6 points, with an underlying combined ratio (excluding catastrophes and prior-year reserve development) of 83.9%.[7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx) • [8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf)
**Profitability.** 2024 core income was $5 billion ($21.58 per diluted share) with core ROE of 17.2%; 2025 core income was $6.3 billion ($27.59 per diluted share) with core ROE of 19.4%.[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) • [8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) Net investment income from fixed income and alternatives rose more than 21% to $3 billion after-tax in 2024, with roughly $3 billion after-tax expected from fixed income alone in 2025.[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) Operating cash flow set a record at $10.606 billion in 2025.[7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx)
## How it compares with its peers
By 2024 direct premiums written, Travelers ranked sixth among US P&C groups at $41.92 billion, behind [State Farm](https://www.edgepedia.org/state-farm) ($108.98 billion, 10.33% share), Progressive ($75.88 billion, 7.19%), [Berkshire Hathaway](https://www.edgepedia.org/berkshire-hathaway) ($63.28 billion, 6.00%), Allstate ($55.86 billion, 5.29%), and [Liberty Mutual](https://www.edgepedia.org/liberty-mutual) ($44.14 billion, 4.18%); Chubb ranked eighth at $33.11 billion (3.14%) and Hartford Fire & Casualty thirteenth at $17.42 billion (1.65%).[5](https://milliondollarbosses.com/sites/default/files/research-actuarial-property-casualty-market-share.pdf) In early 2026, Travelers' Q1 combined ratio of 88.6% (underlying 85.3%) compared with Chubb at 84.0% (underlying 82.1%), Progressive at 86.4%, and AIG at 87.3%; Travelers wrote $10.3 billion of net premiums, about 4% growth, against Chubb's $14.0 billion (P&C plus life, up 10.7%).[14](https://actuary.info/insights/q1-2026-pc-earnings-cycle-inflection)
**Commercial strength.** Travelers claims it has grown its US commercial market share over the past five years more than any other top carrier, and a ten-year comparative analysis of commercial multi-peril describes its position in that line as peerless among Travelers, Chubb, State Farm, Hartford, Tokio Marine, Nationwide, and Liberty Mutual.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) • [15](https://www.insurancebusinessmag.com/us/news/technology/inside-cmps-leading-carriers-how-travelers-chubb-and-peers-manage-risk-570369.aspx) It ranks No. 1 by commercial market share in 19 states, including California, New Jersey, and Pennsylvania, and No. 2 in 15 states, including New York and Ohio.[2](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9)
## Underwriting, claims, and technology
Travelers uses proprietary and third-party catastrophe modeling for hurricane, tornado, wind, wildfire, and hail exposure, has tightened underwriting standards and adjusted pricing in catastrophe-prone areas, and generally retains a high percentage of the economics of business written, using reinsurance to manage volatility at a cost.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) Its long-standing catastrophe excess-of-loss treaty covers both single events and aggregations of multiple events; for 2025 the company increased total coverage with the per-occurrence loss deductible unchanged at $100 million, and for 2026 it lowered the attachment point to $3 billion from $4 billion in 2025 with only a modest increase in ceded premium.[16](https://insurancenewsnet.com/oarticle/fourth-quarter-2024-transcript) • [17](https://www.fool.com/earnings/call-transcripts/2026/01/21/travelers-trv-q4-2025-earnings-call-transcript/) The pre-tax catastrophe plan for 2025 was 6.9 combined ratio points, and the second quarter has regularly been the largest catastrophe quarter over the prior decade.[16](https://insurancenewsnet.com/oarticle/fourth-quarter-2024-transcript)
**Claims at scale.** In 2025 Travelers handled more than 1.5 million claims, roughly one every 20 seconds, and paid more than $23 billion in losses, with a claim team of some 12,000.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) The company's objective is to close 90% of property claims arising out of catastrophe events within 30 days.[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) Imagery of more than 85% of US properties plus proprietary AI enables early loss identification, and predictive models result in more than 50% of claims being paid the same day as the inspection.[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) More than half of all claims are now eligible for straight-through digital processing, which customers adopt about two-thirds of the time, and a generative AI voice agent takes first notice of loss by phone for auto damage claims; the company is empowering 10,000 engineers and data scientists with AI assistants, and more than 20,000 colleagues use AI tools.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf)
## Recent developments
The US P&C hard market persisted into 2024 for both commercial and personal lines, with commercial insurers taking steady rate increases for 29 consecutive quarters; commercial premiums rose an average of 5.4% across all lines in the fourth quarter of 2024, up from 5.1% in the third quarter.[18](https://content.naic.org/sites/default/files/2024-annual-property-casualty-and-title-insurance-industries-analysis-report.pdf) This pricing, combined with reserve development, produced a step-change in underwriting profit: prior to 2020, Travelers' underlying underwriting income had never exceeded $1.5 billion, but it reached a record $4.5 billion after-tax in 2024, up nearly 40%, with the underlying combined ratio improving 330 basis points to 86.2%, and $5.5 billion in 2025, up more than 23%, with the underlying combined ratio at 83.9%.[3](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf) • [8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) In 2025 the company reported a $4.1 billion underwriting gain, the largest in the group's history.[1](https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=4003)
**Catastrophes and capital.** 2025 catastrophe losses set a record, primarily from the California wildfires in the first quarter; 2024's fourth-quarter losses came mainly from [Hurricane Helene](https://www.edgepedia.org/hurricane-helene) and severe wind and hail storms in multiple states.[8](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf) • [13](https://www.businesswire.com/news/home/20250120457726/en/Travelers-Reports-Exceptional-Fourth-Quarter-and-Full-Year-Results) Despite that, the company returned $4.2 billion of excess capital to shareholders in 2025, invested more than $1.5 billion in AI and other technology initiatives, and grew book value per share 23% (adjusted book value per share 14%) versus year-end 2024.[7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx) Fourth-quarter 2025 Business Insurance net written premiums grew to $5.5 billion with 85% retention, 6.1% renewal premium change, and $675 million of new business; Bond & Specialty grew to $1.1 billion with 87% retention.[7](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx)
## References
1. [AM Best Rating Disclosure — Travelers Indemnity Co of America](https://ratings.ambest.com/DisclosurePDF.aspx?AMBNum=4003)
2. [Travelers at a Glance (company fact sheet)](https://asset.trvstatic.com/download/assets/company-fact-sheet.pdf/de0364d263ac11ee8fd04641efede6a9)
3. [Travelers 2024 Annual Report](https://s26.q4cdn.com/410417801/files/doc_financials/2024/ar/v2/Travelers-2024-Annual-Report.pdf)
4. [Federal Insurance Office 2025 Annual Report on the Insurance Industry](https://home.treasury.gov/system/files/311/Final+FIO+2025+Annual+Report.pdf)
5. [2024 Property/Casualty Market Share (NAIC data)](https://milliondollarbosses.com/sites/default/files/research-actuarial-property-casualty-market-share.pdf)
6. [Travelers Financial Supplement, December 31, 2024 (SEC)](https://www.sec.gov/Archives/edgar/data/86312/000008631225000004/a992finsupp123124.htm)
7. [Travelers Reports Excellent Fourth Quarter and Full Year Results (Q4 2025)](https://investor.travelers.com/newsroom/press-releases/news-details/2026/Travelers-Reports-Excellent-Fourth-Quarter-and-Full-Year-Results/default.aspx)
8. [Travelers 2025 Annual Report (SEC ARS)](https://www.sec.gov/Archives/edgar/data/86312/000110465926040152/tm2611214d1_ars.pdf)
9. [Travelers History: The Red Umbrella Foundation (Corpdigest)](https://corpdigest.com/company/travelers/company-history)
10. [Travelers History | Travelers Insurance](https://www.travelers.com/about-travelers/travelers-history)
11. [SHAPING A COLOSSUS: THE HISTORY, The New York Times (1998)](https://www.nytimes.com/1998/04/07/business/shaping-colossus-history-evolution-pre-victorian-pin-stripes-one-big-red.html)
12. [The Travelers Companies, Inc.: business model, traction, and outlook (Teardown)](https://www.teardown.ai/companies/travelers)
13. [Travelers Reports Exceptional Fourth Quarter and Full Year Results (January 2025)](https://www.businesswire.com/news/home/20250120457726/en/Travelers-Reports-Exceptional-Fourth-Quarter-and-Full-Year-Results)
14. [Q1 2026 P&C Earnings Map the Cycle's Next Inflection (actuary.info)](https://actuary.info/insights/q1-2026-pc-earnings-cycle-inflection)
15. [Inside CMP's leading carriers: How Travelers, Chubb, and peers manage risk (Insurance Business)](https://www.insurancebusinessmag.com/us/news/technology/inside-cmps-leading-carriers-how-travelers-chubb-and-peers-manage-risk-570369.aspx)
16. [Travelers Fourth Quarter 2024 Earnings Transcript (InsuranceNewsNet)](https://insurancenewsnet.com/oarticle/fourth-quarter-2024-transcript)
17. [Travelers (TRV) Q4 2025 Earnings Call Transcript (The Motley Fool)](https://www.fool.com/earnings/call-transcripts/2026/01/21/travelers-trv-q4-2025-earnings-call-transcript/)
18. [NAIC 2024 Annual Property/Casualty and Title Insurance Industries Analysis Report](https://content.naic.org/sites/default/files/2024-annual-property-casualty-and-title-insurance-industries-analysis-report.pdf)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Insurance*
*Initially written Sep 17, 2026 · Reviewed: Sep 17, 2026; Oct 10, 2026 · Edited: Oct 10, 2026; Oct 11, 2026; Oct 15, 2026; Oct 25, 2026 · Last review: Oct 10, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license