Travelers 2014 Annual Report Download - page 7

Table of Contents
through Excess Casualty and insurance coverages for foreign organizations with United States exposures through Global Partner
Services
.
•
National Accounts provides large companies with casualty products and services, including workers' compensation, general
liability and automobile liability, generally utilizing loss
- sensitive products, on both a bundled and unbundled basis. National
Accounts also includes the Company's commercial residual market business, which primarily offers workers' compensation products
and services to the involuntary market.
•
First Party provides traditional and customized property insurance programs to large and mid - sized customers through National
Property, insurance for goods in transit and movable objects, as well as builders' risk insurance, through Inland Marine, insurance
for the marine transportation industry and related services, as well as other businesses involved in international trade, through
Ocean Marine, and comprehensive breakdown coverages for equipment, including property and business interruption coverages,
through Boiler & Machinery
.
•
Specialized Distribution markets and underwrites its products to customers predominantly through brokers, wholesale agents,
program managers and specialized retail agents that manage customers' unique insurance requirements. Specialized Distribution
provides insurance coverage for the commercial transportation industry, as well as commercial liability and commercial property
policies for small, difficult to place specialty classes of commercial business primarily on an excess and surplus lines basis, through
Northland, and tailored property and casualty programs on an admitted basis for customers with common risk characteristics or
coverage requirements through National Programs. Specialized Distribution also serves small to medium
- sized agricultural
businesses, including farms, ranches, wineries and related operations, through Agribusiness
.
International
•
International, through its operations in Canada, the United Kingdom and the Republic of Ireland, offers property and casualty
insurance and risk management services to several customer groups, including, among others, those in the technology, public
services, and financial and professional services industry sectors. In addition, International markets personal lines and small
commercial insurance business in Canada through The Dominion of Canada General Insurance Company (Dominion), which the
Company acquired on November 1, 2013. International, through its Lloyd's syndicate (Syndicate 5000), for which the Company
provides 100% of the capital, underwrites five principal businesses—marine, global property, accident & special risks, power &
utilities and aviation.
International also includes the Company's 49.5% ownership of the common stock of J. Malucelli Participações em Seguros e
Resseguros S.A. (JMalucelli), its joint venture in Brazil. JMalucelli is currently the market leader in surety in Brazil based on market
share. JMalucelli commenced writing other property and casualty insurance business in 2012. The Company's investment in
JMalucelli is accounted for using the equity method and is included in "other investments" on the consolidated balance sheet.
In December 2014, the Company announced that its joint venture with JMalucelli in Brazil will acquire a majority interest in Cardinal
Compañía de Seguros, a Colombian start
- up surety provider. The transaction is expected to close in the second quarter of 2015,
subject to regulatory approvals and customary closing conditions.
Business and International Insurance also includes the Special Liability Group (which manages the Company's asbestos and environmental
liabilities) and the assumed reinsurance and certain other runoff operations, which are collectively referred to as Business and International
Insurance Other.
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