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MarketScreener Homepage  >  Equities  >  Nyse  >  The Travelers Companies    TRV

THE TRAVELERS COMPANIES

(TRV)
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Travelers : AM Best Affirms Credit Ratings of The Travelers Companies, Inc. and Its Main Subsidiaries

11/06/2020 | 04:45am EST

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa+' of the main subsidiaries of The Travelers Companies, Inc. (TRV) (headquartered in New York, NY) [NYSE: TRV], collectively known as Travelers Group (Travelers).

In addition, AM Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of 'aa+' of Travelers Casualty and Surety Company of America (TCSA) (Hartford, CT) and its separately rated affiliate, Travelers Insurance Company of Canada (TICC) (Toronto, Ontario, Canada).

Concurrently, AM Best has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IR) of 'a+' of TRV and its two wholly owned downstream holding companies, Travelers Property Casualty Corp. and Travelers Insurance Group Holdings Inc. (both headquartered in Hartford, CT). All outstanding securities issued by the two downstream holding companies are guaranteed by TRV. AM Best also has affirmed all other Long-Term IRs and Short-Term Issue Credit Ratings (Short-Term IR) guaranteed by TRV, as well as TRV's indicative Long-Term IRs. The outlook of these Credit Ratings (ratings) is stable.

Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of 'a' of The Dominion of Canada General Insurance Company (Dominion) (Toronto, Ontario, Canada). The outlook of these ratings is stable.

Lastly, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of 'a-' of First Floridian Auto and Home Insurance Company (First Floridian) (Tampa, FL). The outlook of these ratings is stable. (Please see link below for a detailed listing of the companies and ratings.)

The ratings of Travelers reflect the group's balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Historically, risk-adjusted capitalization has consistently been strongly supportive of the group's ratings and exceeds the threshold for the strongest categorization by a wide margin, as measured by Best's Capital Adequacy Ratio (BCAR). The assessment of the group's balance sheet strength also reflects its stable loss reserve position, the use of a comprehensive reinsurance program and high quality reinsurance partners, as well as benefits from the additional financial flexibility available through its ultimate parent, TRV.

TRV reported favorable development of its loss reserves through the first nine months of 2020 on a GAAP basis. AM Best expects that the group's reserves will continue to reflect its prudent approach to the impact of societal trends and COVID-19 on claims settlements, and does not anticipate any material impact on risk-adjusted capitalization in the near term.

The group's very strong operating performance reflects consistently profitable results supported by typically strong underwriting results and steady investment income. The group has reported positive underwriting income in nine of the past 10 years, with 2011 being the exception due to an increased amount of catastrophes.

Based on 2019 direct premiums written, Travelers has the leading market share in commercial lines and is the 10th-largest personal lines writer in the United States. Overall, Travelers ranks as the sixth-largest property/casualty (P/C) writer in the United States. Travelers maintains a broad spread of risk in that it offers a wide array of P/C coverages spread geographically in all 50 states, the District of Columbia, Canada, England and Ireland.

The ratings of TCSA reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, favorable business profile and appropriate ERM.

The ratings of TICC reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV.

The ratings of Dominion reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its marginal operating performance, neutral business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV.

The ratings of First Floridian reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate ERM. The ratings also reflect the implicit support it receives from its ultimate parent, TRV.

A complete listing of The Travelers Companies, Inc.'s FSRs, Long-Term ICRs and Long- and Short-Term IRs also is available.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 29 055 M - -
Net income 2020 2 131 M - -
Net Debt 2020 - - -
P/E ratio 2020 17,0x
Yield 2020 2,36%
Capitalization 36 284 M 36 284 M -
Capi. / Sales 2020 1,25x
Capi. / Sales 2021 1,19x
Nbr of Employees 30 800
Free-Float 32,4%
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Mean consensus HOLD
Number of Analysts 21
Average target price 141,06 $
Last Close Price 143,24 $
Spread / Highest target 11,7%
Spread / Average Target -1,53%
Spread / Lowest Target -16,2%
EPS Revisions
Managers and Directors
NameTitle
Alan D. Schnitzer Chairman & Chief Executive Officer
Mojgan Lefebvre Chief Technology & Operations Officer, EVP
Daniel S. Frey Chief Financial Officer & Executive Vice President
William Herbert Heyman Vice Chairman
Janet M. Dolan Independent Director
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