The Travelers Companies have gone through a series of mergers and acquisitions since the 1990s. Primerica purchased the company in December 1993, but the resulting entity kept the name Travelers. In 1995, it was rebranded as The Travelers Group. Alexander Wilkin, Secretary of the Minnesota Territory, and 16 other marine and fire insurance companies from St.
Paul recognized the need for a local insurance company to deal with the growing fire threat, and thus The St. Paul Fire and Marine Insurance Company was founded. The company paid its first claim in 1855 after a fire spread from a bakery to an adjoining row of offices. Under the direction of CEO Sanford I. Weill, Primerica was renamed Travelers Group and in 1996, it acquired the property and casualty insurance businesses of Aetna Life and Casualty Company.
A year later, Travelers merged with Salomon Brothers Inc., combining its Shearson-Smith Barney unit with the investment banking company to form Salomon Smith Barney Holdings Inc. In 1998, Travelers merged with Citicorp to form Citigroup. The new financial services conglomerate was passed into Weill's hands and adopted the red umbrella logo, which it kept even after splitting off the property and casualty insurance business in 2002 to form a new publicly traded company called Travelers Property Casualty Corp. The company did not issue its first regular insurance policy until April 5, 1864, but it informally entered into its first insurance contract a month earlier. In 1982, Budd replaced Beach as president at a time when the insurance industry was struggling due to unprecedented health care costs and strong competition among insurers.
In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. That same year it sold the first accident insurance in the United States and in 1865 it began selling life insurance, becoming the first company in the country to offer more than one type of insurance. After World War I, in May 1919, Travelers introduced a comprehensive aviation insurance program that included life policies, civil liability, workers' compensation and passenger accidents. However, the synergies between its banking and insurance branches did not work as well as expected so Citigroup split Travelers Property and Casualty into a subsidiary company in 2002.
Who did travelers insurance merge with?
The Travelers Companies have gone through several mergers and acquisitions since the 1990s. Primerica purchased them in 1993, followed by The Travelers Group in 1995. In 1996 they acquired Aetna Life and Casualty Company's property and casualty insurance businesses.A year later they merged with Salomon Brothers Inc., combining their Shearson-Smith Barney unit with the investment banking company to form Salomon Smith Barney Holdings Inc. In 1998 they merged with Citicorp to form Citigroup. In 2002 they split off their property and casualty insurance business to form a new publicly traded company called Travelers Property Casualty Corp. Zippia takes an in-depth look at The Travelers Companies' details including salaries, political affiliations, employee data, and more to inform job applicants about them. They began to lose money on their car liability lines until 1959 when they began basing insurance rates on a driver's safety record.
