Travelers 2004 Annual Report Download - page 6

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We owe a great deal of gratitude to our employees for
our progress in 2004. During a period of great change,
they demonstrated a consistent commitment to the
needs of our agents, brokers and policyholders, as well
as the needs of our shareholders.
Continued from page 3
In the legislative and litigation realm, we applaud
Congress and the administration for enacting the
Class Action Fairness Act, which curbs potential lawsuit
abuse by moving many class action cases from state
to federal courts. We also urge Congress to adopt
legislation that will address the on-going asbestos crisis.
Without passage of reform legislation, the system will
continue to fail asbestos victims most in need of relief,
jeopardize American businesses and allow our nation to
suffer the economic pain inflicted by this litigation.
Finally, important to our industry and all of our policy-
holders, is the need for an ongoing federal role in
providing economic protection in the event of terrorist
attacks, especially those using nuclear, biological,
chemical or radiological weapons. We believe that
Congress and the Administration need to provide
Americans with an economic safety net in the event
of further terrorist attacks on our nation.
Our Employees and Business Partners
We owe a great deal of gratitude to our employees
for our progress in 2004. During a period of great
change, they demonstrated a consistent commitment
to the needs of our agents, brokers and policyholders,
as well as the needs of our shareholders. In addition, we
appreciate that our agents and brokers have supported
our efforts in combining our organizations. We are
committed to living up to their expectations. We are also
dedicated to remaining a strong and positive presence
in the communities in which we do business, particularly
in Saint Paul and Hartford, where the largest numbers
of our employees live and work.
Our Board of Directors
Finally, we thank our Board of Directors for their service
to this company. The value of their advice and counsel
is immeasurable.
When we completed the merger, we brought together
the members of each of the predecessor boards into a
new board for St. Paul Travelers, bringing the number
of board members to 23. We knew the time would
come when it would be necessary to reduce that number,
and in December, the decision was made to present
a slate of 13 candidates for election at our Annual
Shareholders’ Meeting. As a result, several board
members will be concluding their terms with St. Paul
Travelers at the meeting in May.
As they leave our board this year, our thanks go to
Howard Berkowitz, Kenneth Bialkin, Carolyn Byrd, Meryl
Hartzband, William Kling, James Lawrence, Jeffrey Peek,
Nancy Roseman, Gordon Sprenger and Frank Tasco.
The 30,000 employees of St. Paul Travelers are engaged
in creating a company of real distinction. All of us are
committed to its success. We look forward to reporting
our progress to you in the quarters and years ahead.
Robert I. Lipp Jay S. Fishman
Chairman President & CEO
March 16, 2005