Travelers 2005 Annual Report Download - page 6

42005 Annual Report
has not been, and prospectively cannot be, insured by
the private sector. Therefore, we were pleased to see
the extension of the Terrorism Risk Insurance Act for
another two years. Now that the underlying frame-
work is in place, we must work to find a permanent
solution to the economic threat posed by this category
of uninsurable risks.
• Asbestos Reform. We continue to believe in the valid-
ity and necessity of asbestos reform. Today, the judicial
system is burdened with claims from unimpaired
individuals while truly impaired individuals can find
it difficult to get appropriate compensation. Far too
many claim dollars are spent on legal fees and transac-
tion costs. We would support any reasonable solution
that would help to ensure that impaired individuals
are compensated appropriately for their injuries and
eliminate the recently reported abuses of the judicial
system related to asbestos claims.
Conclusion
I would like to thank all of the individuals who
contributed to our great progress this year, including
our Board of Directors and the more than 30,000
employees of St. Paul Travelers who together make
our franchise first-rate. I also would like to acknowledge
Bob Lipp, who retired from his position as Executive
Chairman in September. Bob’s numerous contributions
to the success of this company, which date back to
1992, are deeply appreciated. His ongoing service on
our Board of Directors ensures that his contributions
will continue for some time.
We remain excited about our great potential. By lever-
aging our significant competitive advantages, we expect
to achieve higher levels of growth over time. That, in
turn, should allow us to succeed in the future as we
adapt to the continuous evolution of risk management.
As we look ahead to 2006, we will build upon our
position as a market leader and continue to make
strides to realize our full potential.
Jay S. Fishman
Chairman & Chief Executive Officer
Strong Commitment to Communities
Once again this year, St. Paul Travelers demon-
strated our commitment to the communities in
which we do business. Our 2005 corporate and
foundation contributions to nonprofit organiza-
tions totaled more than $15 million to support
the creation of strong, healthy and vital commu-
nities. Grants were awarded to organizations that
support community development, education and
arts and culture. Contributions included a corpo-
rate donation of $1 million to the American Red
Cross for Hurricane Katrina relief efforts.
Our employees continued to show their willing-
ness and capacity to help others, too, by con-
tributing significantly to the American Red Cross
and to an Employee Disaster Relief Fund to
help our own employees displaced from their
homes by Hurricane Katrina. St. Paul Travelers
and employees also contributed more than $2.6
million to local United Way organizations and
other nonprofits as part of the company’s annual
charitable fund drive.
St. Paul Travelers employees have been involved
in the communities we serve for decades.
From service on nonprofit boards and commit-
tees to work on Habitat for Humanity homes,
from school tutoring to local food shelf assis-
tance, we understand that success requires a
combination of investing both in the business
and in our communities.