I can’t understand why people are lamenting the post merger status of St. Paul. If it weren’t for the merger, they would probably be in serious financial trouble right now. From the perspective of many Travelers employees and investors, this transaction was more of a bailout of St.Paul than a “merger of equals.” St.Paul had a humungous reserve shortfall that former St.Paul and current St.Paul Travelers CEO Jay Fishman was able to keep secret until after the merger closed. The merger benefited St. Paul much more that it benefited Travelers.
St Paul Travelers should just drop the name “St Paul” and go with Travelers. The senior management that was asked to stay and participate in the new company have been steadily levaing since 2003 – if they even chose the new role in the first place. It’s sad to see such a great group of people break up like that.
Don’t fret folks….there are some great super regionals out there. I would rather work with CIncinnati, Auto Owners, Erie or Westfield any day of the week than St. Paul…..even in it’s HEYDAY. There is always AIG….
Mr. Myles should be aware that senior legacy Travelers executives have also left. Doug Elliot, the previous COO, was a Travelers veteran that recently left/was fired (take your pick) from St. Paul Travelers. I think that the recent movement in the upper management levels in the company is now more a result of deteriorating conditions and profitability in the Commercial Lines division.
Agree with the Former TPC Empoloyee. As a shareholder of Travelers, my stock has nosedived since the “merger” with St. Paul and I’m pissed about the drop in value since the “real” status of the bailout was masked.
The demise of Travelers, unfortunately started with the Citigroup Merger. Although Travelers was having some financial problems, Citgroup fleeced them of their profitable business units, and gave them the boot.
I can’t understand why people are lamenting the post merger status of St. Paul. If it weren’t for the merger, they would probably be in serious financial trouble right now. From the perspective of many Travelers employees and investors, this transaction was more of a bailout of St.Paul than a “merger of equals.” St.Paul had a humungous reserve shortfall that former St.Paul and current St.Paul Travelers CEO Jay Fishman was able to keep secret until after the merger closed. The merger benefited St. Paul much more that it benefited Travelers.
St Paul Travelers should just drop the name “St Paul” and go with Travelers. The senior management that was asked to stay and participate in the new company have been steadily levaing since 2003 – if they even chose the new role in the first place. It’s sad to see such a great group of people break up like that.
Don’t fret folks….there are some great super regionals out there. I would rather work with CIncinnati, Auto Owners, Erie or Westfield any day of the week than St. Paul…..even in it’s HEYDAY. There is always AIG….
Mr. Myles should be aware that senior legacy Travelers executives have also left. Doug Elliot, the previous COO, was a Travelers veteran that recently left/was fired (take your pick) from St. Paul Travelers. I think that the recent movement in the upper management levels in the company is now more a result of deteriorating conditions and profitability in the Commercial Lines division.
Ditto to Mark Myles comments.St Paul was the last quality company
It’s too bad the St. Paul is going the way it is, but hopefully OneBeacon will benefit, because it sure isn’t very resonsive now!!
Agree with the Former TPC Empoloyee. As a shareholder of Travelers, my stock has nosedived since the “merger” with St. Paul and I’m pissed about the drop in value since the “real” status of the bailout was masked.
Kudo’s to Mike for recognized a sinking ship!!
The demise of Travelers, unfortunately started with the Citigroup Merger. Although Travelers was having some financial problems, Citgroup fleeced them of their profitable business units, and gave them the boot.