The Travelers Cos. announced this week it is changing its organizational structure and broadening responsibilities of some executives as Executive Vice President Bill Cunningham leaves the company.
Cunningham, 49, has been the head of Business Insurance since March 1, 2010. He came to Travelers in 1987, working in Commercial Accounts and advancing to positions of greater responsibility in Travelers Construction, National Accounts and Commercial Accounts. He has decided to leave the company “to pursue other opportunities,” the company said.
“Bill has been a great asset to the organization and a big reason why Business Insurance is a market leader in the United States today,” Travelers Chairman and CEO Jay Fishman said in a statement. “We would like to thank him for his many significant contributions over his nearly three decades at Travelers and wish him well in his new endeavors.”
Alan Schnitzer, 48, has been promoted to vice chairman and CEO of Business and International Insurance. The change announced Tuesday includes pulling Travelers’ International business from the company’s Financial, Professional and International Insurance segment in order to pair it with the Business segment.
The International business has grown since the acquisition last year of The Dominion of Canada General Insurance Co. for $1.03 billion. Net written premiums of $5.63 billion last year were up 5 percent, due largely to the Dominion acquisition.
Doreen Spadorcia, 56, has been promoted to vice chairman and CEO of Personal Insurance and the new Bond & Financial Products segment.
Travelers will report their earnings differently, through the following business segments: Business and International Insurance; Personal Insurance; and Bond & Financial Products.
Both Schnitzer and Spadorcia will begin their new roles July 1. Both will report to Travelers President and Chief Operating Officer Brian MacLean.
“We are very pleased to recognize Alan’s and Doreen’s leadership and effectiveness through these promotions,” Fishman said in a statement. “They have both demonstrated exceptional management skills, judgment and dedication, and our company has benefited tremendously from their efforts. Their expanded responsibilities will enable them to play even greater roles in the future success of our organization.”
Also part of the announcement, the three men who head up divisions of commercial insurance will be co-presidents of Business Insurance. They are: Michael Klein, 46, head of Middle Market accounts; Bill Malugen, 55, head of National Accounts (large companies); and Marc Schmittlein, 53, head of Select Accounts (small businesses).