Travelers 2014 Annual Report Download - page 76

Table of Contents
other changes in the tax rules that may increase the Company's actual tax expense, could materially and adversely affect our results of operations.
Our investment portfolio has benefited from tax exemptions and certain other tax laws, including, but not limited to, those governing dividends
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received deductions and tax credits (such as foreign tax credits). Federal and/or state tax legislation could be enacted in connection with deficit
reduction or various types of fundamental tax reform that would lessen or eliminate some or all of the tax advantages currently benefiting us and
therefore could materially and adversely impact our results of operations. In addition, such legislation could adversely affect the value of our
investment portfolio, particularly changes to the taxation of interest from municipal bonds (which comprise 46% of our investment portfolio as of
December 31, 2014) could materially and adversely impact the value of those bonds.
Other tax law changes could adversely impact us. The size of the federal deficit, as well as the budget constraints faced by many states and
localities, increases the likelihood that Congress and state and local governments will raise revenue by enacting legislation increasing the taxes
paid by individuals and corporations.
Item 1B. UNRESOLVED STAFF COMMENTS
NONE.
Item 2. PROPERTIES
The Company leases its principal executive offices in New York, New York, as well as 207 field and claim offices totaling approximately
4.7 million square feet throughout the United States under leases or subleases with third parties. The Company also leases offices in Canada, the
United Kingdom, India, China and the Republic of Ireland that house operations (primarily for the Business and International Insurance segment) in
those locations. The Company owns six buildings in Hartford, Connecticut, consisting of approximately 1.8 million square feet of office space. The
Company also owns two office buildings in St. Paul, Minnesota, which are adjacent to one another and consist of approximately 1.1 million square
feet of office space. The Company also owns buildings located in Norcross, Georgia, and Omaha, Nebraska. The Company owns a building in
London, England, which houses a portion of its Business and International Insurance segment's operations in the United Kingdom.
In the opinion of the Company's management, the Company's properties are adequate and suitable for its business as presently conducted and
are adequately maintained.
Item 3. LEGAL PROCEEDINGS
The information required with respect to this item can be found under "Contingencies" in note 16 of notes to the Company's consolidated
financial statements in this annual report and is incorporated by reference into this Item 3.
Item 4. MINE SAFETY DISCLOSURES
NONE.
EXECUTIVE OFFICERS OF THE REGISTRANT
Information about the Company's executive officers is incorporated by reference from Part III, Item 10 of this annual report.
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