The St. Paul Travelers Companies, Inc. said will realign its three Commercial, Specialty and Personal lines segments. The Commercial and Specialty segments will be realigned into two new segments: the Business Insurance segment and the Financial, Professional & International Insurance segment. The Personal segment will be renamed Personal Insurance.
“The changes are designed to maximize our franchise potential, while maintaining our important focus on industry and product specialization. We are committed to providing our producers and customers with easier access to our vast array of products and services,” said Chief Operating Officer Brian MacLean.
The Business Insurance segment, which will be led by Executive Vice President John Albano, will include Select Accounts, Commercial Accounts, Construction, Technology, Public Sector, Ocean Marine, Oil & Gas, Excess Casualty, Global Accounts, National Property, Boiler & Machinery, Inland Marine, Agribusiness, National Accounts, Discover Re, Residual Markets, Northland, National Programs, and E&S Facilities. Business Insurance will also include policies written by Gulf (primarily management and professional liability coverages), and other runoff operations, as well as the Special Liability Group.
The Financial, Professional & International Insurance segment will be led by Executive Vice President Sam Liss. This segment includes surety, crime, and financial liability businesses which primarily use credit-based underwriting processes, as well as property and casualty products that are predominantly marketed on an international basis. The business units in Financial, Professional & International Insurance will be Bond, Financial & Professional Services, International and Lloyd’s.
The Personal Insurance segment, which includes automobile, homeowners and other products for individual consumers, will continue to be led by Executive Vice President Joe Lacher.
Over the next few weeks, the company said it intends to release financial information reflecting the historical performance of these new segments.
Source: St. Paul Travelers
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