In the 1990s, Travelers underwent a series of mergers and acquisitions. Primerica purchased the company in December 1993, but the resulting entity kept the Travelers name. In 1995, it became 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 address the increasing fire threat. The company paid its first claim in 1855 after a fire spread from a bakery to an adjoining row of offices. This led to the formation of The St. Paul Fire and Marine Insurance Company. On Wednesday, Citigroup announced that it will divide its insurance unit Travelers Property Casualty into an independent company, as President Sanford Weill works to make profits from the largest financial services firm in the United States.
The decision was made because the property and accident business has a lower growth rate than other Citigroup units, putting a strain on its stock price. Primerica was renamed Travelers Group and in 1996, it acquired the property and accident insurance businesses of Aetna Life and Casualty Company.
Zippiaconducted an in-depth analysis of The Travelers Companies, including salaries, political affiliations, employee data, and more, to inform job applicants about The Travelers Companies. In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. 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. 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.
To improve its car liability lines' profitability, Travelers began basing insurance rates on a driver's safety record in 1959. In 2002, Citigroup formed a new publicly traded firm called Travelers Property Casualty Corp after splitting off its property and casualty insurance business. The new financial services conglomerate came under Weill's leadership and retained the red umbrella logo. On Wednesday, Citigroup announced that it will spin off its Travelers real estate accident insurance unit as an independent company as President Sanford Weill works to make profits from the largest financial services firm in the United States.