Tag Archives: Travelers

Travelers Reports Better Earnings On Higher Prices, Lower Catastrophe Costs

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The Travelers Cos. had its best operating income per share since the company’s initial public offering in 2002, driven by higher prices and lower expenses from tornadoes and other catastrophes.

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Annual Safe Teen Video Contest: Top 10 Available On YouTube

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West Hartford’s Hall High School had the best performance of any in Connecticut among teens who made videos to promote safe driving — producing three of the top 10 YouTube clips, judged by insurance executives and state Department of Motor Vehicles professionals.

Daniel Hand High School in Madison had two entries in the top 10. Other schools with teams in the top 10: Simsbury High, Arts at the Capital Theater in Willimantic, New Canaan High, Weston High and Waterbury Arts Magnet High.

The fifth annual teen safe driving contest is a competition among Connecticut high school students and it’s a way to promote wise decisions about operating a car. A popular theme is discouraging texting or use of a cell phone while driving. The contest drew 128 entries this year with a total of 478 taking part in making the videos. Judging the contest was a combination of state officials, including employees of the state Department of Motor Vehicles and executives at The Travelers Cos.

The winners are going to be announced at a private dinner Tuesday night. The top five winning teams will share in $15,000 cash awards from Travelers, which is given to their high schools to promote safe driving among teens. In the past, winners also were given iPod Nanos and gift certificates.

To see the winning 30-second videos, click here.

Four Insurers Agree To Pay Refunds To Massachusetts Customers Over Surcharge Appeals

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Four auto insurers have agreed to settle allegations that they failed to refund at-fault surcharges to Massachusetts customers, resulting in higher premiums — after a customer has been in a crash, for example — when a state appeals process sided with the customer, Attorney General Martha Coakley’s office said Thursday.

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Travelers CEO Jay Fishman’s Compensation Up 37 Percent Last Year To $29.9 Million

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The Travelers Cos. Chairman and CEO Jay S. Fishman was compensated a total of $29.9 million last year, a 37 percent increase over the year before, according to documents filed Thursday with the U.S. Securities and Exchange Commission.

In 2011, Fishman’s pay package totaled $21.9 million, not including stock-and-option awards which have a future value, and also not including growth in his pension fund.

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Travelers EDGE Internship Program Studied, Praised By Pell Institute

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The Travelers Cos. EDGE program, which I wrote about in February 2012, was recently the subject of an in-depth report by the Pell Institute for the Study of Opportunity in Higher Education. The report was released Monday.

“This program fosters collaboration between the private sector and our nation’s education system and sets a high benchmark by which we’re creating pathways to success for the next generation,” Abby Miller, one of the co-authors of the report, said in a prepared statement.

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The Hartford Says Gross Sandy Losses At $370 Million

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Hurricane Sandy is expected to cost The Hartford $370 million in total claims, before tax, the property-casualty insurer said Tuesday.

The Hartford Financial Services Group has reinsurance to cover part of that, and expects the company’s losses from the storm will be $350 million before tax, net of reinsurance.

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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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