Travelers 2010 Annual Report Download - page 7

Business Insurance Highlights
2010 Net Written Premiums: $10.9 Billion
Business Insurance offers a broad array of property and casualty insurance
products and services to its clients, which range from small “Main Street”
businesses to mid-sized and specialty companies to Fortune 100TM
corporations. Business Insurance is organized into underwriting and
marketing groups focused on particular markets, industries or product
lines. Select Accounts primarily sells packaged property and casualty
coverages to small businesses; Commercial Accounts markets tailored
insurance products and services to mid-sized businesses, including
domestic fi rms with global exposures; and National Accounts provides
highly customized insurance and risk management services to large
companies. In addition, business units in the Target Risk Underwriting
group provide insurance products and services to address large property,
inland marine, ocean marine, equipment breakdown and excess casualty
risks, while business units in the Industry-Focused Underwriting and
Specialized Distribution groups tailor coverage to complex industries,
including oil & gas, technology, agriculture, trucking and construction,
among others, as well as to the public sector.
2010 Highlights
Select Accounts continues to increase its position in the small commercial
marketplace. In 2010, Select Accounts achieved record new business
fl ow and policies-in-force by providing agents and brokers broader
product offerings and an industry-leading technology platform through its
TravelersExpress® quote-to-issue process. The business expanded its sales
organization from 10 to 14 regions to strengthen fi eld support and agency
relationships in an increasingly competitive marketplace. Select Accounts
also appointed 2,200 new agents in an effort to optimize distribution in
areas of market opportunity.
Commercial Accounts continued to broaden its offerings for mid-sized
business by expanding its IndustryEdge® portfolio of products and services.
IndustryEdge blends our specialized expertise with industry-specifi c
products and dedicated risk control and claim services to help manage
the complex and evolving risks unique to many of the industries we serve.
The most recent expansion is IndustryEdge for Equipment Dealers, which
provides custom-designed coverage and specialized service capabilities to
help protect against risks and exposures in the equipment distribution
industry. Commercial Accounts also introduced three new liability product
options: Manufacturers Errors & Omissions, Network & Information
Security Liability, and Communications & Media Liability.
Commercial Accounts also expanded its ability to provide full global
coverage to its U.S.-based clients. For companies with operations outside
the United States, the Global CompanionSM policy provides a broad suite of
coverages, including the ability to incorporate locally placed policies into a
controlled master program. For companies that have more incidental
global needs, Commercial Accounts enhanced its extensions of global
coverage by providing liability protection for exported products, temporary
business travel outside the United States and Canada, and coverage for
business personal property located abroad.
National Accounts continued to offer a number of new products and
service enhancements to meet risk management needs for larger
customers, whether they choose bundled casualty solutions, unbundled
alternative risk transfer through Discover Re® or claim administration with
Constitution State Services LLC. The Goal-Tracking Dashboard in e-CARMA®
,
Travelers’ industry-leading risk management information system, allows
customers to defi ne goals and compare them to results in a highly
interactive, web-based environment. Travelers Money Market Collateral
Account solution provides an innovative approach to meeting customers’
collateral requirements. National Accounts products are designed to offer
larger customers more choices, more fl exibility and more precise metrics
to manage their total cost of risk.
Within the Target Risk and Industry-Focused Underwriting groups:
• Construction introduced new IndustryEdge offerings for Masonry
and Tile and General Contractors, expanding its portfolio of industry
specializations for small, medium and large contractors. ConstructionPlus+SM ,
our newest product for smaller contractors, improved quoting effi ciency
and provided substantial growth opportunities while offering small
contractors the same standard lines of coverage, dedicated risk control
and claims handling available to larger insureds.
• Inland Marine launched Carriers Cargo PakSM and CargoLogistics PakSM
coverages to meet the insurance needs of today’s trucking industry. In
response to the growing renewable energy market, Inland Marine revised
Windpak® and introduced SolarpakSM, which provide coverage for both
the construction and operational phases of wind and solar farms under
a single coverage form.
• National Property, which is a leading writer of large commercial
property insurance in the United States, grew its book of business in the
manufacturing sector through expanded global capabilities to insure the
international property of U.S.-based companies. National Property also
increased its presence in the large preferred risk market through new
product offerings and large account consulting services.
• Ocean Marine began offering expanded auto, property and business
interruption coverages for its ocean marine clients through its dedicated
property and casualty unit. Cargo Elite ExpressSM , a policy designed for
smaller importers and exporters, is being offered to Travelers’ small
business clients through a partnership with Select Accounts.
• Oil & Gas began offering Control of Well on an admitted basis to retail
agents in selected states and plans to expand this offering to additional
states pending regulatory approval. In the interim, Travelers will continue
to offer this coverage on a surplus lines basis in the remaining states.
Travelers can now combine Control of Well coverage and specialized
support services for incident prevention and well control management,
all in a single product.
• Technology introduced MedFirstSM — an innovative liability coverage
package for the medical technology industry. MedFirst combines three
liability coverages packaged into a single insurance policy: products and
completed operations liability, errors & omissions and information
security liability.
In Specialized Distribution, Northland enhanced its position in
transportation while expanding its appetite and distribution channels in
the excess/surplus binding markets. National Programs launched two new
program initiatives targeting both in-home “companion care” providers
as well as specialized segments of the behavioral health care industry.
Travelers is organized into the following business segments: Business Insurance; Financial, Professional
& International Insurance; and Personal Insurance. For more information about Travelers and its products
and services, visit the company’s website, travelers.com.
2010 BUSINESS HIGHLIGHTS
2010 ANNUAL REPORT 7