Travelers 2003 Annual Report Download - page 6

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4
Legislative issues will continue to have the potential to impact our company significantly.
Asbestos litigation remains a serious concern, and we urge Congress to pass legislation to
stop the tide of spurious lawsuits and ensure that adequate funds are available to compensate
those who have truly been harmed. Extension of the Terrorism Risk Insurance Act is necessary
to ensure the continued availability of terrorism coverage and workers’ compensation
coverage. In our view, these are issues that go beyond the scope of the insurance industry,
with the potential to impact the national economy as a whole. St. Paul Travelers will take an
active role in seeking passage of common-sense legislation in these and other areas.
In closing, we would like to thank the people who made our merger possible. Our employees
have done, and continue to do, an exemplary job of taking care of business and staying
focused on customers during a demanding integration process. We understand that since
we announced the merger in mid-November, employees have been working diligently,
sometimes under difficult conditions, with a commitment to getting the job done right. Without
their support, this extraordinary opportunity would not be possible.
Our directors have offered invaluable counsel and support at critical junctures. The boards of
The St. Paul Companies and Travelers Property Casualty worked exceptionally hard and
demonstrated a high degree of professionalism and a sincere concern for all constituents
involved in the merger. We thank them for their continuing service and wise counsel.
The support we have received from our agents and brokers for our direction and strategy has
been encouraging. Our business partners are the best in the industry, and many of them have
spent considerable time giving us advice and guidance to ensure that we accomplish our
mission with success. We thank them for their time and input.
Finally, we thank our shareholders for their continuing commitment to our vision: to be the
company that always works hard to come through.
Robert I. Lipp Jay S. Fishman
Chairman President & CEO
June 1, 2004