Travelers 2013 Annual Report Download - page 25

Geographic Distribution
The following table shows the geographic distribution of Financial, Professional & International’s
direct written premiums for the states that accounted for the majority of premium volume for the year
ended December 31, 2013:
% of
State Total
California .................................................. 6.6%
Texas ..................................................... 5.3
New York ................................................. 5.2
Florida ................................................... 3.1
All other domestic(1) ......................................... 46.4
Total domestic ............................................. 66.6
Total international .......................................... 33.4
Total ................................................... 100.0%
(1) No other single state within the United States accounted for 3.0% or more of the total
direct written premiums written in 2013 by the Financial, Professional & International
Insurance segment.
Competition
The competitive landscape in which Bond & Financial Products operates is affected by many of
the same factors described previously for the Business Insurance segment. Competitors in this market
are primarily national property and casualty insurance companies that write most classes of business
using traditional products and pricing and, to a lesser extent, regional insurance companies and
companies that have developed niche programs for specific industry segments.
Bond & Financial Products underwrites and markets its products to all sizes of businesses and
other organizations, as well as individuals. The Company believes that its reputation for timely and
consistent decision making, a nationwide network of local underwriting, claims and industry experts and
strong producer and customer relationships, as well as its ability to offer its customers a full range of
products, provides Bond & Financial Products an advantage over many of its competitors and enables it
to compete effectively in a complex, dynamic marketplace. The Company believes that the ability of
Bond & Financial Products to cross-sell its products to customers of the Business Insurance and
Personal Insurance segments provides additional competitive advantages for the Company.
International competes with numerous international and domestic insurers in Canada, the United
Kingdom and the Republic of Ireland. Companies compete on the basis of price, product offerings and
the level of claim and risk management services provided. The Company has developed expertise in
various markets in these countries similar to those served in the United States and provides both
property and casualty coverage for these markets.
At Lloyd’s, International competes with other syndicates operating in the Lloyd’s market as well as
international and domestic insurers in the various markets where the Lloyd’s operation writes business
worldwide. Competition is again based on price, product and service. The Company focuses on lines it
believes it can underwrite effectively and profitably with an emphasis on short-tail insurance lines.
PERSONAL INSURANCE
The Company’s Personal Insurance segment writes a broad range of property and casualty
insurance covering individuals’ personal risks. The primary products of automobile and homeowners
insurance are complemented by a broad suite of related coverages.
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