Geico is the owner of a subsidiary called Geico Insurance Agency, which sells policies from a variety of companies, including Travelers. After recognizing the need for a local insurance company to deal with the growing fire threat, Alexander Wilkin, Secretary of the Minnesota Territory, and 16 other members of St. Paul Fire and Marine Insurance Company formed The St. Paul Fire and Marine Insurance Company.
The company paid its first claim in 1855, after a fire spread from a bakery to an adjacent row of offices. It barely survived the panic of 1857 by drastically reducing its operations and, later, reorganizing itself into a limited liability company (rather than a limited liability company). It then expanded its operations across the country. During the 20th century, Travelers was responsible for many innovations in the insurance industry, including the first automobile policy (189), the first air travel policy (191) and the first space travel policy (late 1960s, for Apollo astronauts).
In 1954, the company established the world's first privately owned meteorological research center, the Travelers Weather Research Center, the first organization to make weather forecasts using odds (20% chance of rain). In the early 1990s, Travelers was predominantly a general property and casualty insurer, which also had some parallel travel insurance, and in February 1994, Travelers quietly abandoned its original travel insurance business by selling the unit to a retiring Travelers executive. The resulting company is now known as Travel Insured International, a Crum and Forster company. Many of Travelers's predecessor companies, such as St.
Paul and USF&G technically still exist today and continue to write policies and accept claims under their own names (under the general brand Travelers). As is customary with most insurers in the United States, Travelers never dissolved the various companies it acquired, but simply converted them into wholly-owned subsidiaries and trained its employees to act on behalf of those subsidiaries. This is a common risk management strategy used by the U. S.
In 2003, Travelers purchased the renewal rights for Royal & SunAlliance commercial and personal insurance companies. 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 firm called Travelers Property Casualty Corp. In the late 1960s, Charles Brunelle was the largest advertising agency in Hartford, a city known as the insurance capital of the world, the Hollywood of insurance or the filing cabinet of the United States due to the numerous insurance companies in that city. 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.
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. Batterson, a stone contractor who first learned about passenger accident insurance (i). 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. Two years later, St Paul Investment Management Company, an investment management firm, was created, and in 1973, St Paul Life Insurance Company was created, whose objective was to market life insurance through independent agents representing St Paul Fire and Marine.
Weill, Primerica was renamed Travelers Group and in 1996 purchased the property and accident insurance businesses of Aetna Life and Casualty Company. The company didn't issue its first regular insurance policy until April 5th 1864 but informally entered into its first insurance contract a month earlier. Travelers offers commercial and personal property and accident insurance products and services to businesses, government units, associations and individuals. Zippia takes an in-depth look at details of The Travelers Companies including salaries political affiliations employee data and more to inform job applicants about The Travelers Companies.