Travelers 2008 Annual Report Download - page 7

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Travelers Invests in Education Access
Travelers believes a quality education can break down
barriers and build limitless long-term opportunities.
We launched the Travelers Education Access Initiative
(TEAI) to increase access opportunities for academic and
personal success. We expect TEAI to become a model as
a comprehensive approach for ensuring that low-income
and racially and ethnically underrepresented students have
access to and success in higher education and a fulfilling,
rewarding career.
To date, programs are in place in Connecticut through
relationships with the University of Connecticut, Capital
Community College, CPEP and the Greater Hartford
Consortium for Higher Education. In Minnesota, we have
relationships with the Carlson School at the University of
Minnesota, the Page Education Foundation, Admission
Possible and Metropolitan State University; and in Maryland
through Morgan State University and CollegeBound.
Travelers has long been committed to increasing quality
of life for underserved populations. TEAI is just one aspect
of our community support, which totaled more than
$19 million in 2008.
A special on-field program during a UConn game, below,
recognizes the launch of the Travelers Education Access Initiative
at the University of Connecticut.
Financial, Professional & International Insurance
2008 net written premiums: $3.5 billion
Financial, Professional & International Insurance includes the Bond &
Financial Products business and the International business. Bond &
Financial Products provides surety, management liability, professional
liability and crime coverages, primarily to U.S.-based businesses. In
addition, the business provides traditional property and casualty coverage
to financial institutions. International provides property, casualty and
professional liability products through domestic operations in the United
Kingdom, Republic of Ireland and Canada, and at Lloyd’s of London.
2008 Highlights
Bond & Financial Products enhanced its position as an industry leader
through innovative new product and service offerings. These included:
tRollout of Travelers 1st Choice+SM for Professionals. Designed to meet
the current and emerging exposures of accounting, design, legal and
real estate professionals, the new coverage offers today’s professional
all of the benefits of the existing Travelers 1st Choice® coverage while
adding new cutting-edge features and benefits.
Features of the new policy include Network and Information Security
Offense Coverage (NAISO) which protects customers in the event of
a network or information security breach or error; and Crisis Event
Expense Coverage, a first-of-its-kind in errors and omissions policy
forms, offering up to $10,000 in expense reimbursement for consulting
services provided by a public relations firm in response to a crisis event.
tSignificant enhancements to the Risk Management PLUS+ Online® Web
site include new educational resources to address exposures related
to professional liability, Directors & Officers liability, crime, kidnap &
ransom, and identity theft expense reimbursement.
In 2008, new initiatives and opportunities developed across the
International business unit included:
tIn the United Kingdom, now operating under the Travelers trading
name and iconic red umbrella logo, the company launched new
products for accountants and medical technology companies,
as well as DirectorXpress for Professional Indemnity. Also, the
company added new coverages for Film and Theatres in the Media
& Entertainment sector. The company also won the 2008 European
Risk Management Award for Training Initiative of the Year and was
a finalist for the Training Award and the Rehabilitation Award at the
British Insurance Awards.
tIn Ireland, Travelers launched new products for Property Owners,
Directors & Officers and Golf Select. Travelers also became the exclu-
sive provider of motor insurance to 123.ie, a distribution channel
selling insurance products direct to consumers via an Internet site
and a state-of-the-art call center.
tIn Canada, the company introduced Wrap+®, a management liability
policy with comprehensive coverage and flexible options, for private
companies and non-profit organizations. Modular by design and flex-
ible in practice, the customized Wrap+ policy suite is comprised of
coverages for liability, including Directors & Officers, employment
practices, fiduciary and miscellaneous professional, crime, kidnap &
ransom, and identity theft expense reimbursement.
tAt Lloyd’s, our Marine portfolio was expanded through the addition
of a specialist team to underwrite yacht exposures. Also, the Lloyd’s
Aviation portfolio has been enhanced by the addition of a Space Risks
account, which will provide coverage primarily for the launch and
commissioning phase of satellites and, secondarily, for satellites in orbit.
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