The Travelers Companies, formerly known as St Paul Fire and Marine Insurance Company, is one of the oldest and most respected insurance companies in the United States. Founded in 1864, the company initially provided accident and life insurance policies. Over the years, it has expanded its services to include trip cancellation insurance, international health insurance, travel health insurance, and aviation insurance. In 1865, The St Paul was reorganized as a limited liability company and changed its name to St Paul Fire and Marine Insurance Company.
Two years later, St Paul Investment Management Company was created, and in 1973, St Paul Life Insurance Company was established to market life insurance through independent agents. Trip cancellation insurance covers your financial investment in your trip, such as flights, cruises or train tickets. Examine the policy carefully to make sure it covers what you need to cover, including canceling if you or a close family member becomes ill. Depending on the policy, trip cancellation insurance may not cover the medical care you need abroad, so you may need a separate travel medical insurance policy.
If you need medical care in another country, you'll probably have to pay out-of-pocket for any services. Even if a country has nationalized health care, it may not cover people who are not citizens. Before you travel, consider your insurance options in case you need care while traveling. Travel health insurance is especially important if you have an existing medical condition, are traveling for more than 6 months, or doing adventurous activities such as diving or hang gliding.
International health insurance can also be purchased as primary insurance for expatriates or for people moving to another country for an extended period of time (6 months or more). Discover GeoBlue's full range of international medical and travel plans for global lifestyles and sophisticated travelers. Before you travel, consider taking out travel insurance to cover you in the event of travel delays, accidents or illnesses. However, the synergies between the company's banking and insurance branches did not work as well as expected, so Citigroup split Travelers Property and Casualty into a subsidiary company in 2002, although it kept the red umbrella logo.
That year it sold the first accident insurance in the United States and in 1865 it began selling life insurance, thus becoming the first company in the country to offer more than one type of insurance. The company didn't issue its first regular insurance policy until April 5, 1864. After World War I, in May 1919, The Travelers introduced a comprehensive aviation insurance program that included life policies, civil liability, workers' compensation and passenger accidents. In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. Budd replaced Beach as president in 1982 when the insurance industry was struggling due to unprecedented health care costs and strong competition among insurers. Travelers began to lose money on its car liability lines until 1959 when the company began basing insurance rates on a driver's safety record.