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FORM 10-K the Travelers Companies, Inc

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FORM 10-K the Travelers Companies, Inc UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ ________________________________________________ Commission file number 001-10898 ________________________________________________ The Travelers Companies, Inc. (Exact name of registrant as specified in its charter) _________________________________________________________________ Minnesota 41-0518860 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) ______________________________________________________________________________ 485 Lexington Avenue New York, NY 10017 (Address of principal executive offices) (Zip code) (917) 778-6000 (Registrant’s telephone number, including area code) ______________________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, without par value TRV New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes x No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes x No ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act: Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x As of June 30, 2020, the aggregate market value of the registrant's voting and non-voting common equity held by non-affiliates was $28,802,579,969. As of February 5, 2021, 252,214,355 shares of the registrant's common stock (without par value) were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement relating to the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. The Travelers Companies, Inc. Annual Report on Form 10-K For Fiscal Year Ended December 31, 2020 TABLE OF CONTENTS Item Number Page Part I 1. Business........................................................................................................................................................ 3 1A. Risk Factors.................................................................................................................................................. 43 1B. Unresolved Staff Comments......................................................................................................................... 57 2. Properties...................................................................................................................................................... 57 3. Legal Proceedings......................................................................................................................................... 57 4. Mine Safety Disclosures............................................................................................................................... 57 Part II 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities................................................................................................................................................... 57 6. Selected Financial Data................................................................................................................................ 60 7. Management's Discussion and Analysis of Financial Condition and Results of Operations....................... 61 7A. Quantitative and Qualitative Disclosures About Market Risk...................................................................... 119 8. Financial Statements and Supplementary Data............................................................................................ 121 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure...................... 209 9A. Controls and Procedures............................................................................................................................... 209 9B. Other Information......................................................................................................................................... 212 Part III 10. Directors, Executive Officers and Corporate Governance........................................................................... 212 11. Executive Compensation.............................................................................................................................. 214 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.... 214 13. Certain Relationships and Related Transactions, and Director Independence............................................. 215 14. Principal Accountant Fees and Services....................................................................................................... 215 Part IV 15. Exhibits and Financial Statement Schedules................................................................................................ 215 16. Form 10-K Summary.................................................................................................................................... 217 Signatures..................................................................................................................................................... 218 2 PART I Item 1. BUSINESS The Travelers Companies, Inc. (together with its consolidated subsidiaries, the Company) is a holding company principally engaged, through its subsidiaries, in providing a wide range of commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The Company is incorporated as a general business corporation under the laws of the State of Minnesota and is one of the oldest insurance organizations in the United States, dating back to 1853. The principal executive offices of the Company are located at 485 Lexington Avenue, New York, New York 10017, and its telephone number is (917) 778-6000. The Company also maintains executive offices in Hartford, Connecticut, and St. Paul, Minnesota. The term “TRV” in this document refers to The Travelers Companies, Inc., the parent holding company excluding subsidiaries. PROPERTY AND CASUALTY INSURANCE OPERATIONS The property and casualty insurance industry is highly competitive in the areas of price, service, product offerings, agent relationships and methods of distribution. Distribution methods include the use of local independent agents, national agent partners, agency aggregators and carrier-based agencies, as well as direct to consumer, affinity and emerging partner platforms. According to A.M. Best, there are approximately 1,100 property and casualty groups in the United States, comprising approximately 2,600 property and casualty companies. Of those groups, the top 150 accounted for approximately 94% of the consolidated industry’s total net written premiums in 2019. The Company competes with both foreign and domestic insurers. In addition, several property and casualty insurers writing commercial lines of business, including the Company, offer products for alternative forms of risk protection in addition to traditional insurance products. These products include large deductible programs and various forms of self-insurance, some of which utilize captive insurance companies and risk retention groups.
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