Travelers Insurance is not owned by Geico, although the two companies do have some business dealings. Geico owns a subsidiary called Geico Insurance Agency, which offers policies from a variety of companies, including Travelers. Customers can purchase homeowners and condo insurance policies for travelers through the Geico insurance agency. Travelers Insurance began to lose money on its car liability lines until 1959, when the company began basing insurance rates on a driver's safety record.
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. Geico auto insurance customers can get personalized quotes for other types of insurance through the Geico app. Travelers Insurance is owned by its shareholders because it is publicly traded and does not have a parent 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 representing St Paul Fire and Marine.
In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. Citigroup split Travelers Property and Casualty into a subsidiary company in 2002, although it kept the red umbrella logo. The company issued its first regular insurance policy on April 5, 1864, but informally entered into its first insurance contract a month earlier. 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.
Budd replaced Beach as president in 1982, at a time when the insurance industry was struggling due to unprecedented health care costs and strong competition among insurers.
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