Travelers 2004 Annual Report Download - page 19

Geographic Distribution
The following table shows the distribution of Commercials’ direct written premiums for the states that
accounted for the majority of premium volume for the year ended December 31, 2004:
State
%of
Total
California ........................................................... 11.5%
New York ........................................................... 9.4
Texas .............................................................. 6.3
Massachusetts ........................................................ 5.4
Illinois .............................................................. 5.1
Florida ............................................................. 4.6
New Jersey .......................................................... 4.5
Pennsylvania ......................................................... 3.6
All Others (1) ........................................................ 49.6
Total ............................................................... 100.0%
(1) No other single state accounted for 3.0% or more of the total direct written premiums written in 2004 by the
Company.
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. In many of its
businesses, Specialty competes through the use of proprietary rates and policy forms. The segment comprises
two primary groups: Domestic Specialty and International Specialty.
Domestic Specialty includes the following marketing and underwriting organizations, each of which
possesses customer expertise and offers products and services to address its respective customers’ specific needs:
•Bond provides a wide range of customers with specialty products built around the Company’s market
leading surety bond business along with an expanding executive liability practice for middle and small
market private accounts and not-for-profit accounts. Bond’s range of products includes fidelity and
surety bonds, directors’ and officers’ liability insurance, errors and omissions insurance, professional
liability insurance, employment practices liability insurance, fiduciary liability insurance, and other
related coverages.
•Construction offers a variety of products and services, including traditional insurance, consisting of
workers’ compensation, general liability and commercial auto coverages, and other risk management
solutions, to a broad range of contractors. The focus is on a long-term commitment to the construction
industry, offering guaranteed cost products for smaller and mid-sized policyholders and loss sensitive
programs for larger accounts where the customer and the Company work together in actively managing
and controlling exposure and claims and where they share risk through policy features such as small and
large deductibles or retrospective rating.
•Financial and Professional Services provides professional liability and management liability coverages
for public corporations against losses caused by the negligence or misconduct of named directors and
officers, errors and omissions coverages for a variety of professionals such as lawyers, insurance agents
and real estate agents for liability from errors and omissions committed in the course of professional
conduct or practice, and a full range of insurance coverages including property, auto, liability, fidelity
and professional liability coverages for financial institutions.
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