Tag Archives: The Travelers Cos.

Travelers Increases Stake In Brazil Surety Insurer

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The Travelers Cos. exercised an option to increase its ownership stake in a Brazil company that it invested in two years ago from 43.4 percent to 49.5 percent.

Travelers said in November 2010 it planned to spend $370 million for a 43 percent stake in J. Malucelli Participações em Seguros e Resseguros S.A., the market leader in surety insurance in Brazil.

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Travelers’ Stock Soars On Third-Quarter Earnings

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The Travelers Cos. reported soaring profits for the third-quarter Thursday as the company benefited from its ability to retain customers while raising prices, and it was spared by a relatively calm hurricane season.

Net income for the three-month period ending Sept. 30 was $864 million, or $2.21 per diluted share, compared with $333 million, or 79 cents per diluted share, during the same period in 2011.

“We remain committed to continuing to improve profitability through a strategy of actively, but selectively, seeking price increases and improved terms and conditions, given historically low interest rates and uncertain weather patterns,” said Travelers Chairman and CEO Jay Fishman.

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Travelers Asbestos Case Remains An Issue In U.S. Senate Race Between Scott Brown, Elizabeth Warren

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One of Connecticut’s largest private employers continues to be a lightning rod in a high-profile U.S. Senate race that many in the nation are watching — the one in Massachusetts.

Television advertisements for both candidates, incumbent Republican Scott Brown and Democrat contender Elizabeth Warren, have focused on Warren’s work a few years ago for The Travelers Cos., which employs about 7,000 in Connecticut.

Brown has attacked Warren for months, saying she was paid by Travelers to limit how much the insurance company paid to victims of asbestos-related health problems such as mesothelioma.

The most recent development in the campaign were two new television advertisements by Warren’s campaign saying that Brown should be ashamed for distorting the truth, and that Warren was working to help victims get money after a decades-long legal battle.

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