The company didn't issue its first regular insurance policy until April 5, 1864, but it informally entered into its first insurance contract a month earlier. No, Travelers Insurance is not owned by Geico, although Travelers and Geico do some business together. Geico owns a subsidiary called Geico Insurance Agency, which sells policies from a variety of companies, including Travelers. For example, customers can purchase homeowners and condo insurance policies from Travelers at the Geico insurance agency. Travelers began to lose money on its car liability lines until 1959, when the company started basing insurance rates on a driver's safety record.
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. 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. Travelers Insurance is owned by its shareholders because it is publicly traded and does not have a parent company. Zippia takes an in-depth look at the details of The Travelers Companies, including salaries, political affiliations, employee data, and more, to inform job applicants about The Travelers Companies. In addition, Geico auto insurance customers can get personalized quotes for other types of insurance through the Geico app. The new financial services conglomerate passed into the hands of Weill and adopted the red umbrella logo, retaining it even after splitting off the property and casualty insurance business in 2002 to form a new publicly traded company called Travelers Property Casualty Corp.
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. 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. Weill's Primerica was renamed Travelers Group and in 1996 bought the property and accident insurance businesses of Aetna Life and Casualty Company. In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. Two years later, St Paul Investment Management Company was created as an investment management firm and St Paul Life Insurance Company was created with the objective of marketing life insurance through independent agents representing St Paul Fire and Marine.