Travelers 2004 Annual Report Download - page 143

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Net written premiums by market were as follows:
(for the year ended December 31, in millions) 2004 2003 2002
Commercial Accounts .................................................. $4,211 $3,251 $3,151
Select Accounts ....................................................... 2,555 2,047 1,869
National Accounts ..................................................... 940 831 641
Total Commercial Core ............................................. 7,706 6,129 5,661
Commercial Other ..................................................... 507 733 669
Total Commercial .................................................. $8,213 $6,862 $6,330
Specialty
The Specialty segment was created upon the merger of TPC and SPC. It combined SPC’s specialty
operations with TPC’s Bond and Construction operations, which were included in TPC’s Commercial segment
prior to the merger. The Specialty segment provides a full range of standard and specialized insurance coverages
and services through dedicated underwriting, claims handling and risk management groups. The segment
comprises two primary groups: Domestic Specialty and International Specialty.
•Domestic Specialty includes several marketing and underwriting groups, each of which possesses
customer expertise and offers products and services to address its respective customers’ specific needs.
These groups include Financial and Professional Services, Bond, Construction, Technology, Ocean
Marine, Oil and Gas, Public Sector, Underwriting Facilities, Umbrella/Excess & Surplus Group,
Discover Re and Personal Catastrophe Risk.
•International Specialty includes coverages marketed and underwritten to several specialty customer
groups within the United Kingdom, Canada and the Republic of Ireland and the Company’s
participation in Lloyd’s.
Net written premiums by market were as follows:
(for the year ended December 31, in millions) 2004 2003 2002
Bond ................................................................ $1,136 $ 781 $ 630
Construction .......................................................... 846 474 408
Financial and Professional Services ........................................ 631 ——
Domestic Specialty Other ................................................ 1,287 ——
Total Domestic Specialty ............................................ 3,900 1,255 1,038
International Specialty .................................................. 894 32
Total Specialty .................................................... $4,794 $1,258 $1,040
Personal
Personal writes virtually all types of property and casualty insurance covering personal risks. The primary
coverages in Personal are automobile and homeowners insurance sold to individuals. These products are
distributed through independent agents, sponsoring organizations such as employee and affinity groups, and joint
marketing arrangements with other insurers.
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