Travelers 2003 Annual Report Download - page 24
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22
BUSINESS DESCRIPTION
COMMERCIAL LINES
Travelers Commercial Lines segment offers a broad array of property and casualty insurance and insurance-related
services to its clients. Commercial Lines is organized into the following five marketing and underwriting groups, each
of which focuses on a particular client base or product grouping to provide products and services that specifically
address clients’ needs:
• National Accounts provides large corporations with casualty products and services and includes Travelers
residual market business which offers workers’ compensation products and services to the involuntary market;
• Commercial Accounts provides property and casualty products to mid-sized businesses, property products to
large businesses and boiler and machinery products to businesses of all sizes, and includes dedicated groups
focused on the construction industry, transportation industry, agribusiness, and ocean and inland marine;
• Select Accounts provides small businesses with property and casualty products, including packaged property
and liability policies;
• Bond provides a wide range of customers with specialty products built around Travelers market leading surety
bond business along with an expanding executive liability practice for middle and small market private accounts
and not-for-profit accounts; and
• Gulf provides a broad array of specialty coverages to all sizes of customers with particular emphasis on small
and mid-sized accounts.
In 2003, Commercial Lines generated net written premiums of approximately $8.119 billion.
Selected Product and Market Information
The accompanying table sets forth net written premiums for Commercial Lines by product line and market for the
periods indicated. For a description of the product lines and markets referred to in the table, see “– Product Lines” and
“–Principal Markets and Methods of Distribution,” respectively.
Many National Accounts customers require insurance-related services in addition to or in lieu of pure risk coverage,
primarily for workers’ compensation and, to a lesser extent, general liability and commercial automobile exposures.
These types of services include risk management services, such as claims administration, loss control and risk
management information services, and are generally offered in connection with large deductible or self-insured
programs. These services generate fee income rather than net written premiums, which are not reflected in the
accompanying table. Net written premiums were as follows: