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History The Travelers Property Casualty Corp. (TPC) family tree divides into two branches: Travelers and Aetna. On the Travelers side, the history begins in 1864, when ten Hartford businessmen formed an insurance company under the Travelers name. The company soonafter adopted its famous red umbrella logo and branched out into life insurance and liability insurance. An industry pioneer Among the company's firsts have been the first car insurance policy in 1897, the first air travel policy (issued to Woodrow Wilson) in 1919, and the space travel accident insurance that the Travelers provided to the Apollo 11 astronauts for their 1969 moon landing. Despite healthy growth, by the 1990s, Travelers had become a takeover target. In 1993, Sandy Weill's Primerica Corp. bought the company for $4 billion. Over two years, expenses were reduced by $400 million and the health insurance, group life, and group disabilities businesses were sold off. Weill, looking to continue expansion, bought the property/casualty arm of Aetna, an equally venerable insurance firm with a history dating back to 1853. The combined company, known as Travelers-Aetna was spun off as a separate, publicly-traded company in 1996, and in 1997 changed its name to Travelers Property Casualty. TPC = Number three With 1998 sales of $10.45 billion, TPC weighs in as the nation's third largest property/casualty insurer behind State Farm and Allstate. Business at TPC breaks down into two areas: commercial and personal. On the commercial side, TPC offers policies covering workers' compensation, integrated disability, property, liability, specialty lines, surety bonds, inland/ocean marine, and boiler/machinery. Personal lines of insurance cover a range of areas including auto, home, flood, collectibles, life, long-term care, and annuities. Auto policies comprise a full 65 percent of the company's personal lines of insurance. In November 1999 the company announced it would offer identity fraud coverage. In April 2000 TPC signed an agreement to buy the profitable Reliance Surety from Reliance Group Holdings for $580 million. In the court of the crimson umbrella As of April 2000, TPC is 98.7 percent held by Citigroup, the massive financial services company formed by the 1998 merger of Citicorp and Travelers Group. The association with Citigroup gives TPC a global reach, and the chance to have its products cross-marketed with other financial services offered under the Citigroup umbrella. TPC's association with Citigroup has also meant management shufflings. In August 1998, Jay S. Fishman was elected president and CEO of TPC, replacing Robert I. Lipp. Lipp, however, remains as the company's chairman, while acting as the co-chief executive officer of Citigroup's Global Consumer unit. TPC will delist its stock after full completion of its sale to Citigroup. International expansion While the affiliation with Citigroup provides TPC with a vivid international profile, the company has further expanded its reach by striking a cooperative marketing agreement with Winterthur International, a Swiss-based insurance concern. Effective January 1, 1999, the "global strategic relationship" between the two companies allows both to provide commercial products to U.S.-based multinationals with operations in Europe, and Europe-based multinationals with operations in the U.S. In a news release, the company described its target market: "We are interested in writing Fortune 3000-sized customers with significant non-U.S. assets and/or liabilities." The company hopes to expand operations into international markets like the United Kingdom, Germany, and Japan. Fraud allegations Like its competitors, TPC has its share of legal headaches. In July 1998, TPC was slapped with a class action suit charging the company with common law fraud, negligent misrepresentation, civil conspiracy, unfair trade practices, unjust enrichment, bad faith, and breach of fiduciary duty. In particular, the suit alleges that TPC fraudulently collected millions in illegal commissions on structured claim settlements paid through life annuity policies. In an unrelated case, a judgment was entered against Travelers Group (which TPC is part of) in a 1999 class action suit filed on behalf of present and former employees alleging that Travelers violated the California Labor Code by forfeiting the stock of employees who terminated employment within two years, including the portion of compensation that had been paid in the form of restricted stock.
The careers section of www.travelerspc.com gives job seekers a chance to browse openings, reviews the company's benefits packages, and discusses TPC's Leadership Development Programs. These three-to-four-year career paths are offered in four areas: Information Technology, Actuarial Track, Financial Management Track, and Insurance & Underwriting. One of our contacts mentions that "there are a lot of openings in the information systems and actuarial fields." Resumes may be emailed to careers@travelers.com, but the company asks that job seekers use ASCII text format with line breaks, as the TPC's resume scanner cannot handle attachments or process enhanced fonts, rich-text, or stylized formatting. Regarding the interview process, our contacts report that job seekers can first expect a meeting with someone from human resources, followed by interviews with a particular department's hiring manager and other personnel. As for questions, one insider recommends making "a list of your strengths and weaknesses," noting that "the key to insurance is customer service and organizational skills."
TPC gets high marks TPC may be number three in property/casualty insurance, but it is first-rate with our insiders. One employee gives the company high marks overall. "All in all, working for Travelers is a good experience." Another insider beams: "Of all the insurance companies out there, it is the best company to work for." A former TPC informant reflects back on his experience: "I very much enjoyed my 20+ years with them." Another concludes that "it's a great way to learn the business, and all aspects of insurance." Sources of praise Our insiders explain their enthusiasm for TPC on several levels. Regarding diversity, one offers that "Travelers does not discriminate against anyone, and most of the people there are women." A "corporate casual" dress code is another cause for celebration, as is "flex time" scheduling, which allows employees "to come in between 7:00 and 9:00 AM, take an hour lunch and leave whenever you reach 8 hours (not including lunch)." One contact notes, however, that "many projects within the company are done under tight deadlines, with little attention to some things like documentation and such." Ample Compensation Compensation also draws praise. One contact notes: "Pay is pretty good - I would say most everyone gets a bonus once a year." TPC employees also enjoy a stock purchase plan, discounts on the company's and Citigroup's products, and - consistent with the insurance biz - an extensive benefits package that includes medical, dental, vision, life insurance, 401 (k), tuition reimbursement, and financial planning. Hartford? In its literature, TPC trumpets Hartford, Connecticut as a vibrant cultural center - rather high praise for a city that some deride as central New England's "filing cabinet." One of our contacts notes: "Working in downtown Hartford is like working in any large city with everything close by, but it's a pain for parking." The same contact notes, however, that "TPC provides subsidized parking and bus passes."
W. Douglas Willett Human Resources
Insurance & Services for Individuals; - Auto; - Home; - Boat; - Flood; - Collectibles; - Life Insurance; - Annuities; - Long Term Care; - Personal Insurance; - Personal Claim Services; Insurance & Services for Businesses; - Small Business Insurance; - Commercial Insurance; - Commercial Claim Services; - Consitution State Services (TPA Claim Services); - Safety & Loss Prevention Services;
AIG;USAA More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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