Travelers 2014 Annual Report Download - page 183

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
that are not expected to vest as part of the Company's forfeiture estimate are recorded as compensation expense.
Nature of Operations
The Company is organized into three reportable business segments: Business and International Insurance; Bond & Specialty Insurance; and
Personal Insurance. On June 10, 2014, the Company announced a realignment of its management team, effective July 1, 2014, that gave rise to a
realignment of two of its three reportable business segments, as follows:
•
The Company's International Insurance group, which had previously been included in the Financial, Professional & International
Insurance segment, was combined with the Company's previous Business Insurance segment to create a new Business and
International Insurance segment.
•
The Bond & Financial Products group, which comprised the remaining businesses in the Financial, Professional & International
Insurance segment, now comprises the new Bond & Specialty Insurance segment.
•
The Personal Insurance segment was not impacted by these changes.
The realignment of segments described above was made to reflect the realignment of the Company's senior management responsibilities and
the manner in which the Company's businesses have been managed starting July 1, 2014, and the aggregation of products and services based on
the type of customer, how the business is marketed and the manner in which risks are underwritten. In connection with these changes, the
Company realigned and revised the names of several businesses that comprise the Business and International Insurance segment.
The specific business segments are as follows:
Business and International Insurance
The Business and International Insurance segment offers a broad array of property and casualty insurance and insurance related services to
its clients, primarily in the United States, as well as in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world
as a corporate member of Lloyd's. Business and International Insurance is organized as follows:
Domestic
•
Select Accounts provides small businesses with property and casualty products, including commercial multi - peril, commercial
property, general liability, commercial auto and workers' compensation insurance.
•
Middle Market provides mid - sized businesses with property and casualty products, including commercial multi - peril, commercial
property, general liability, commercial auto and workers' compensation insurance, as well as risk management, claims handling and
other services. Middle Market generally provides these products to mid
- sized businesses through Commercial Accounts, as well as
to targeted industries through Construction, Technology, Public Sector Services and Oil & Gas. Middle Market also provides
mono
- line umbrella and excess coverage insurance
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