Travelers 2010 Annual Report Download - page 181

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
•Commercial Accounts provides mid-sized businesses with property and casualty products,
including property, general liability, commercial multi-peril, commercial auto and workers’
compensation insurance.
•National Accounts provides large companies with casualty products and services, including
workers’ compensation, general liability and automobile liability, generally utilizing loss-sensitive
products. Within National Accounts, Discover Re provides those same casualty products, as well
as property coverages, on an unbundled basis. In addition, National Accounts includes the
commercial residual market business, which primarily offers workers’ compensation products and
services to the involuntary market.
•Industry-Focused Underwriting. The following units provide targeted industries with differentiated
combinations of insurance coverage, risk management, claims handling and other services:
•Construction serves a broad range of construction businesses, offering guaranteed cost
products for small to mid-sized policyholders and loss sensitive programs for larger
accounts. For the larger accounts, the customer and the Company work together in actively
managing and controlling exposure and claims and they share risk through policy features
such as deductibles or retrospective rating. Products offered include workers’ compensation,
general liability, umbrella and commercial auto coverages, and other risk management
solutions.
•Technology serves small to large companies involved in telecommunications, information
technology, medical technology and electronics manufacturing, offering a comprehensive
portfolio of products and services. These products include property, commercial auto,
general liability, workers’ compensation, umbrella, internet liability, technology errors and
omissions coverages and global companion products.
•Public Sector Services provides insurance products and services to public entities including
municipalities, counties, Indian Nation gaming organizations and selected special
government districts such as water and sewer utilities. The policies written by this unit
typically cover property, commercial auto, general liability and errors and omissions
exposures.
•Oil & Gas provides specialized property and liability products and services for customers
involved in the exploration and production of oil and natural gas, including operators and
drilling contractors, as well as various service and supply companies and manufacturers that
support upstream operations. The policies written by this business group cover risks
including physical damage, liability and business interruption.
•Agribusiness serves small to medium-sized agricultural businesses, including farms, ranches,
wineries and related operations, offering property and liability coverages other than workers’
compensation.
•Target Risk Underwriting. The following units serve commercial businesses requiring specialized
product underwriting, claims handling and risk management services:
•National Property provides traditional and customized property insurance programs to large
and mid-sized customers, including office building owners, manufacturers, municipalities and
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