Travelers 2015 Annual Report Download - page 35

preservation. However, the Company can provide only reasonable, not absolute, assurance that these
objectives will be met. Further, the design of any risk management or control system must reflect the
fact that there are resource constraints, and the benefits must be considered relative to their costs. As a
result, the possibility of material financial loss remains in spite of the Company’s significant ERM
efforts. An investor should carefully consider the risks and all of the other information set forth in this
annual report, including the discussions included in ‘‘Item 1A—Risk Factors,’’ ‘‘Item 7A—Quantitative
and Qualitative Disclosures About Market Risk,’’ and ‘‘Item 8—Financial Statements and
Supplementary Data’’ herein.
OTHER INFORMATION
Customer Concentration
In the opinion of the Company’s management, no material part of the business of the Company
and its subsidiaries is dependent upon a single customer or group of customers, the loss of any one of
which would have a material adverse effect on the Company, and no one customer or group of
affiliated customers accounts for 10% or more of the Company’s consolidated revenues.
Employees
At December 31, 2015, the Company had approximately 30,900 employees. The Company believes
that its employee relations are satisfactory. None of the Company’s employees are subject to collective
bargaining agreements.
Sources of Liquidity
For a discussion of the Company’s sources of funds and maturities of the long-term debt of the
Company, see ‘‘Item 7—Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources,’’ and note 8 of notes to the consolidated financial
statements herein.
Taxation
For a discussion of tax matters affecting the Company and its operations, see note 12 of notes to
the consolidated financial statements herein.
Financial Information about Reportable Business Segments
For financial information regarding reportable business segments of the Company, see ‘‘Item 7—
Management’s Discussion and Analysis of Financial Condition and Results of Operations,’’ and note 2
of notes to the consolidated financial statements herein.
Intellectual Property
The Company relies on a combination of contractual rights and copyright, trademark, patent and
trade secret laws to establish and protect its intellectual property. With respect to trademarks
specifically, the Company has registrations in many countries, including the United States, for its
material trademarks, including the ‘‘Travelers’’ name and the Company’s iconic umbrella logo. The
Company has the right to retain its material trademark rights in perpetuity, so long as it satisfies the
use and registration requirements of all applicable countries. The Company regards its trademarks as
highly valuable assets in marketing its products and services and vigorously seeks to protect its
trademarks against infringement. See ‘‘Item 1A—Risk Factors—Intellectual property is important to
our business, and we may be unable to protect and enforce our own intellectual property or we may be
subject to claims for infringing on the intellectual property of others.’’
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