Travelers 2004 Annual Report Download - page 14

process, Citigroup agreed to vote the shares it continued to hold of TPC following the Citigroup Distribution pro
rata with the shares held by the public and to divest the remaining shares it holds within five years following the
Citigroup Distribution. After the merger, this undertaking also applies to shares of Company common stock.
At December 31, 2004, Citigroup held for its own account 6.50% of the Company’s outstanding common
stock. At December 31, 2003 and 2002, Citigroup held for its own account 9.87% and 9.95%, respectively, of
TPC’s common equity and 9.87% and 9.98%, respectively, of the combined voting power of TPC’s outstanding
voting securities.
The following discussion of the Company’s business is organized as follows: (i) a description of each of the
Company’s four business segments (Commercial, Specialty, Personal, collectively comprising the Company’s
property-casualty insurance operations, and Asset Management) and related services; (ii) a description of Interest
Expense and Other; and (iii) certain other information.
PROPERTY-CASUALTY INSURANCE OPERATIONS
COMMERCIAL
The Commercial segment offers a broad array of property and casualty insurance and insurance-related
services to its clients. Commercial is organized into three marketing and underwriting groups, each of which
focuses on a particular client base:
•Commercial Accounts serves primarily mid-sized businesses for casualty products and large and mid-
sized businesses for property products.
•Select Accounts serves small businesses and offers property, liability, commercial auto and workers’
compensation insurance.
•National Accounts provides casualty products and services to large companies, with particular emphasis
on workers’ compensation, general liability and automobile liability. National Accounts also includes
the Company’s residual market business, which primarily offers workers’ compensation products and
services to the involuntary market.
Commercial also includes the Special Liability Group (which manages the Company’s asbestos and
environmental liabilities); the reinsurance, health care, and certain international runoff operations; and policies
written by the Company’s subsidiary Gulf Insurance Company (Gulf), which was placed into runoff during the
second quarter of the year. These operations are collectively referred to as Commercial Other.
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