Travelers 2014 Annual Report Download - page 93

Table of Contents
positive in 2013 but were lower than in 2012, primarily due to lower renewal rate increases and a decline in insured exposures. Renewal rate changes
exceeded expected loss cost trends in 2013. New business premiums in 2013 increased over 2012.
Select Accounts. Net written premiums of $2.71 billion in 2014 decreased by less than 1% from 2013. Business retention rates in 2014 were
strong and higher than in 2013. Renewal premium changes in 2014 remained positive but were lower than in 2013, primarily due to lower renewal rate
changes. New business premiums in 2014 decreased from 2013. Net written premiums of $2.72 billion in 2013 decreased by 2% from 2012. Business
retention rates in 2013 remained strong but were lower than in 2012. Renewal premium changes remained positive in 2013 and were higher than in
2012, primarily due to higher renewal rate increases. New business premiums in 2013 decreased from 2012.
Middle Market. Net written premiums of $6.11 billion in 2014 increased by 4% over 2013. Business retention rates in 2014 remained strong
and were higher than in 2013. Renewal premium changes in 2014 remained positive but were lower than in 2013, primarily due to lower renewal rate
changes. New business premiums in 2014 increased over 2013. Net written premiums of $5.86 billion in 2013 increased by 4% over 2012. Business
retention rates in 2013 remained strong and were level with 2012. Renewal premium changes remained positive in 2013 but were lower than in 2012,
primarily due to both lower renewal rate increases and a decline in insured exposures. New business premiums in 2013 increased over 2012.
National Accounts. Net written premiums of $1.05 billion in 2014 increased by 4% over 2013. Business retention rates in 2014 remained strong
but were lower than in 2013. Renewal premium changes in 2014 remained positive but were slightly lower than in 2013. New business premiums in
2014 decreased from 2013. Net written premiums of $1.01 billion in 2013 increased by 11% over 2012. Business retention rates remained strong in
2013 but were lower than in 2012. Renewal premium changes in 2013 remained positive but were lower than in 2012, driven by a decline in payroll
exposure growth. New business premiums in 2013 increased over 2012. Growth in workers' compensation residual market pools also contributed to
premium growth in both 2014 and 2013.
First Party. Net written premiums of $1.58 billion in 2014 increased by 2% over 2013, primarily due to lower reinsurance costs. Business
retention rates in 2014 remained strong but were slightly lower than in 2013. Renewal premium changes in 2014 remained positive but were lower
than in 2013, primarily due to lower renewal rate changes. New business premiums in 2014 decreased from 2013. Net written premiums of
$1.55 billion in 2013 increased by 8% over 2012. Business retention rates in 2013 remained strong and were level with 2012. Renewal premium
changes in 2013 remained positive but were lower than in 2012, primarily due to lower renewal rate increases. New business premiums in 2013
increased over 2012.
Specialized Distribution. Net written premiums of $1.07 billion in 2014 decreased by 1% from 2013, primarily driven by premium decreases in
National Programs. Business retention rates in 2014 remained strong and were higher than in 2013. Renewal premium changes in 2014 remained
positive but were lower than in 2013, primarily due to lower renewal rate changes. New business premiums in 2014 decreased from 2013. Net written
premiums of $1.09 billion in 2013 decreased by 1% from 2012, primarily driven by premium decreases in National Programs. Business retention rates
remained strong in 2013 but were lower than in 2012. Renewal premium changes remained positive in 2013 and were level with 2012. New business
premiums in 2013 increased over 2012.
International. Net written premiums of $2.12 billion in 2014 increased by 66% over 2013, primarily reflecting the impact of the acquisition of
Dominion. Excluding the surety line of business, for which the following are not relevant measures, business retention rates in 2014 remained
strong and were higher than in 2013. Renewal premium changes in 2014 remained positive and increased over 2013, primarily due to higher renewal
rate changes. New business premiums in 2014 increased over
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