Travelers Companies
34 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Large deductible policyholders
insures or lends to · approximately $3.01 billionnamed as a riskAs of December 31, 2025, contractholder payables on unpaid losses within the deductible layer of large deductible policies were approximately $3.03 billion, and the associated receivables (net of allowance for expected credit losses) were approximately $3.01 billion.Business (Item 1)
Partners and platforms
Fidelis Insurance Holdings Limited
earns from · 20% of the subject gross written premiumsnamed as a riskEffective January 1, 2026, the Company renewed a quota share reinsurance agreement with subsidiaries of Fidelis Insurance Holdings Limited (Fidelis) for 2026 pursuant to which the Company assumes 20% of the subject gross written premiums of Fidelis on a risk-attaching basis, subject to a loss ratio cap.Business (Item 1)
Junto Holding Brasil S.A.
49.5%named as a riskThe Company owns 49.5% of Junto, a market leader in surety coverages in Brazil.Business (Item 1)
Lloyd's
operates in · 100% of the capitalAt its Lloyd’s syndicate (Syndicate 5000), for which the Company provides 100% of the capital, International underwrites five principal businesses — marine, energy, property, aviation and special risks.Business (Item 1)
Also named by WRB
Long Point Re IV Ltd.
depends on · $575 millionThe reinsurance agreement provides coverage of up to $575 million to the Company through May 24, 2026 for certain losses from tropical cyclones, earthquakes, severe thunderstorms or winter storms in the locations listed above.Business (Item 1)
GEICO
depends onnamed as a riskAn important part of our business is written through less than a dozen such intermediaries, including the agency affiliate of GEICO, with whom we have had a distribution arrangement for homeowners’ business since 1995.Risk factors (Item 1A)
Other companies
Definity Financial Corporation
approximately US$2.4 billionOn May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion.Business (Item 1)
Places
United Kingdom
operates in · 6.4named as a riskWe conduct business outside the United States primarily in the United Kingdom, the Republic of Ireland and Canada.Risk factors (Item 1A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Northeast United States
concentrated in · $1.00 billion of coverage, subject to a $2.75 billion retentionnamed as a riskThe treaty covers territory from Virginia to Maine for the period from July 1, 2025 through and including June 30, 2026.Business (Item 1)
California
concentrated in · 10.6%The following table shows the geographic distribution of the Company’s consolidated direct written premiums for the year ended December 31, 2025.Business (Item 1)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Hazards
Earthquakes
insures or lends to · $775 million part of $1.0 billionnamed as a riskThis treaty provides up to $775 million part of $1.0 billion of coverage, subject to a $350 million retention (i.e., for every dollar of loss between $350 million and $1.35 billion, this treaty provides 77.5 cents of coverage) for the period from February 1, 2026, through and including January 31, 2027.Business (Item 1)
Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more
Hurricanes
insures or lends tonamed as a riskFor example, the frequency and/or severity of hurricane, tornado, hail and wildfire events in the United States have been more volatile during this time period.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Asbestos
insures or lends tonamed as a riskWe continue to receive a significant number of asbestos claims.Risk factors (Item 1A)
Commodities and inputs
British Pound Sterling
exposed to its price · approximately 2.5%named as a riskInvested assets denominated in the British Pound Sterling comprised approximately 2.5% and 2.4% of total invested assets as of December 31, 2025 and 2024, respectively.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
Municipal bonds
exposed to its pricenamed as a riskA significant portion of our fixed maturity investment portfolio is invested in obligations of states, municipalities and political subdivisions.Risk factors (Item 1A)
Medical cost inflation
exposed to its pricenamed as a riskAs a result, an increase in medical inflation could materially and adversely impact our loss costs and our claims and claim adjustment expense reserves.Risk factors (Item 1A)
Regulators
Connecticut Insurance Department
subject to · 10% of the insurance subsidiary’s statutory capital and surplusnamed as a riskBased upon these criteria, the State of Connecticut Insurance Department is designated as the Company’s lead regulator and coordinates supervisory colleges for the Company.Business (Item 1)
National Association of Insurance Commissioners (NAIC)
subject toThe Company’s U.S. insurance subsidiaries are subject to these NAIC RBC requirements based on laws that have been adopted by individual states.Business (Item 1)
Also named by ALL, ARES, BX, FNF, KKR, MET, OWL, PFG and 3 more
Central Bank of Ireland
subject toThe Company is conducting its European insurance operations through an insurance subsidiary that is incorporated in the Republic of Ireland and authorized and regulated by the Central Bank of Ireland.Business (Item 1)
Laws and programs
Terrorism Risk Insurance Program
subject to · $4.01 billionnamed as a riskOur estimated deductible under the program is $4.01 billion for 2026.Risk factors (Item 1A)
Corporate Catastrophe Excess-of-Loss Reinsurance Treaty
depends on · $4.7 billionTherefore, the maximum recovery under the treaty would be $4.7 billion, or 94%, of the total $5.0 billion limit.Business (Item 1)
Workers' compensation assigned risk market
earns from · approximately 38%The commercial residual market business of National Accounts services approximately 38% of the total workers’ compensation assigned risk market, making the Company one of the largest servicing carriers in the industry.Business (Item 1)
Dodd-Frank Act
subject tonamed as a riskThe Company (as a financial company with more than $50 billion in assets) could be assessed, and although any such assessment is required to be risk weighted (i.e., riskier firms pay more), such costs could be material and are not currently estimable.Business (Item 1)
Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more
National Flood Insurance Program
subject tonamed as a riskFurthermore, the reduction or elimination of the National Flood Insurance Program could result in an increase in the Company’s exposure to flood risk if insurers become required to cover flood risk under certain types of policies.Business (Item 1)
McCarran-Ferguson Act
subject tonamed as a riskIn addition, the potential repeal of the McCarran-Ferguson Act (which exempts insurance from most federal regulation) or a change to the federal health care system that eliminates or reduces the need for the medical coverage component of workers’ compensation insurance, could also significantly harm the insurance industry, including us.Risk factors (Item 1A)
Florida Hurricane Catastrophe Fund
subject tonamed as a riskExamples of such mechanisms include, but are not limited to, the Florida Hurricane Catastrophe Fund, Florida Citizens Property Insurance Corporation, National Workers’ Compensation Reinsurance Pool, various workers’ compensation related funds (e.g., the Florida Special Disability Trust), North Carolina Beach Plan, Louisiana Citizens Property Insurance Corporation, and the Texas Windstorm Insurance Association.Business (Item 1)
Also named by ALL
California FAIR Plan
subject tonamed as a riskFor example, the January 2025 California wildfires resulted in assessments to insurers from the California FAIR Plan.Risk factors (Item 1A)
Sexual molestation claim revival statutes
subject tonamed as a riskFor example, over the past decade, a number of states have enacted legislation allowing victims of sexual molestation to file or proceed with claims that otherwise would have been time-barred, which have resulted in, and are expected to continue to result in, significant claims payments by the Company, and additional states are considering similar legislative changes.Risk factors (Item 1A)
Covered Agreements (U.S.-EU and U.S.-U.K.)
subject tonamed as a riskIn addition, the Covered Agreements between the U.S. and each of the EU and U.K. eliminate the requirement for European and U.K. reinsurers operating in the U.S. to provide collateral, which have made it more difficult for U.S. companies, including us, to obtain collateral from European and U.K. reinsurers.Risk factors (Item 1A)
Technology
Credit scoring
subject tonamed as a riskSome consumer groups and/or regulators have alleged that the use of credit scoring violates the law by discriminating against persons belonging to a protected class and are calling for the prohibition or restrictions on the use of credit scoring in underwriting and pricing.Risk factors (Item 1A)