Travelers 2010 Annual Report Download - page 6

6 2010 ANNUAL REPORT
for underrepresented students have benefi ted both the community and Travelers as
we have hired interns and scholarship recipients for full-time positions. Also, through
our new fi eld grant program, Travelers Community Connections, we have supported
nonprofi t organizations and schools in 18 states, where more than 700 of our employees
have participated in volunteer activities for those organizations.
The Travelers Institute, which we launched in 2009 to more actively participate in
discussions relating to matters of importance in our industry and in the fi nancial
services sector more broadly, has provided a means for Travelers to be a constructive
participant in public policy dialogue. For example, we continue to facilitate meetings
of public offi cials and business leaders in coastal communities to address natural
catastrophe risks. Also, this year, we plan to host a series of symposia across the
country to address the challenges that small businesses face.
Conclusion
On behalf of Travelers, I extend a very personal thank you to all of the individuals
who have contributed to Travelers’ success this year. Insurance is a complex business,
and every year is unique. After all, our everyday business is absorbing the risks that
individuals and businesses cannot afford to retain on their own, and risks can take
many forms with wide-ranging consequences. We are extremely grateful for the
engagement and perspectives of our Board of Directors, our agents and brokers,
our employees and our customers. We extend a special note of thanks to Blythe
McGarvie, who will retire from our board this year. Blythe has served this company
and this board for many years, and we appreciate her many contributions.
As our iconic red umbrella conveys, we are committed to providing our customers
with sound property and casualty insurance protection from the ever-changing risks
they face. We are confi dent in our position and approach for 2011, leading us to say,
“It’s better under the umbrella.”
Jay S. Fishman
Chairman and Chief Executive Officer
JAY FISHMAN
DISCUSSES FEDERAL
DEFICIT CHALLENGE
Chairman and CEO Jay Fishman was
invited to Washington D.C. in November
to speak about the federal defi cit. In
his presentation, “The Federal Defi cit:
Our Leadership Challenge for This
Generation,” Fishman outlined what
he sees as a key economic challenge
for the coming decade and its
implications for business.
In the hour-long presentation,
Fishman captured the attention of the
Washington D.C. audience by telling his
personal story, beginning with a 1947
photo of four generations of his family.
At the time, all four generations lived
in a two-bedroom apartment in the
Bronx. Fishman’s father started and
operated a small printing business.
He used his personal story to explain
his interest in preserving America’s
entrepreneurial spirit and opportunity.
“I have been very directly the benefi ciary
of the American opportunity,” he said.
“So, I feel a personal obligation to be
engaged in preserving that opportunity,
which I believe is at risk.”
Fishman used data from the
Congressional Budget Offi ce to show
the progression in the federal defi cit
over the past decade, and he projected
ahead for the next decade, noting that
the implications of the federal defi cit are
very real for business. “As a business
person, who actually has the good
fortune of running a company that’s
been in good shape, we’ve never seen
economic conditions such as these.”
He advocated for solid leadership and
planning that transcends politics and
the election cycle to address the issues.
“There’s a responsibility for all of us to
begin to engage in and to demand that
debate,” Fishman said.
Chairman and CEO
Jay Fishman spoke to more
than 200 business leaders,
Congressional staff and
members of the media
in Washington, D.C.
about the federal defi cit
and his concerns about
its potential impact on
the American opportunity.