St. Paul Fire & Marine Insurance Co history

In February 1854 the company issued its first policy, a mutual policy for $800.

The St Paul sustained its first fire loss in April 1855 when a row of offices and a bakery burned to the ground, resulting in $3,000 in claims.

A period of stagnation occurred starting in 1861, during the Civil War.

In 1864, Hartford businessman James G. Batterson met a local banker, James E. Bolter, in the post office.

1865 J.G. Batterson and nine others form The Travelers Insurance Company “for the purpose of insuring travellers against loss of life or personal injury while journeying by railway or steamboat”.

By 1866 the company was writing business in Manitoba.

A shareholder-elected board voted to pay semiannual dividends, and in July 1867 the company issued its first stock dividend, of $1.50 per share.

In 1871 the Great Chicago Fire strained the company's resources.

Burbank died in 1876, and the company's secretary, Charles H. Bigelow, was elected president.

1897 Travelers issue the first ever private automobile insurance policy in the US.

1903: *Opened an insurance school.

1904 The company creates the first US organisation of safety engineers.

The San Francisco Earthquake and Fire of 1906 took a heavy toll on The St Paul's new product development plans, however.

In 1917 The St Paul covered the loss of 260 vessels, totaling more than $4 million, most of which was repaid by Germany over 50 years.

1919: The Travelers Tower was built in Hartford, Connecticut, and stood as the tallest building in New England at the time.

The St Paul's leadership decided, therefore, that a liability company was needed, and in 1926 a subsidiary, St Paul Mercury Indemnity Company, was formed.

The St Paul also added aircraft insurance and surety bonds to its product line in 1929.

After serving as The St Paul's president for 27 years, Frederic Bigelow became chairman in 1938, and Charles F. Codere became The St Paul's fifth president.

In 1948 Charles Codere became chairman, and A. B. Jackson was elected The St Paul's new president.

1955 Travelers introduces its homeowners policy which provides fire, theft and other coverage.

1956: *Established a weather research center.

In 1957, with the acquisition of the Western Life Insurance Company of Helena, Montana, The St Paul broke into the life insurance market.

1961 St Paul Fire & Marine becomes the first carrier to introduce a new cover for electronic data processing.

By 1964 Western Life sales had more than doubled.

In 1968 The St Paul reorganized.

1969 Travelers issues the first accident policy for space flight and lunar exploration which provides cover for the Apollo astronauts.

In 1970 St Paul Guardian Insurance Company was formed to market personal lines of insurance.

1971 Travelers is the first insurance company to open an office of Consumer Information with a free telephone number to answer questions about insurance.

Two years later St Paul Investment Management Company, an investment management firm, was started, and in 1973 St Paul Life Insurance Company, whose purpose was to market life insurance through independent agents representing St Paul Fire and Marine, was formed.

In 1980 Chairman Drake refocused mainly on insurance-related businesses.

Under a new president, Robert J. Haugh, these divestitures were completed by 1984, when The St Paul's net loss was $210 million.

The company acquired the London-based Minet Holdings PLC in 1988, making The St Paul the seventh largest insurance brokerage firm in the world.

On May 1, 1990, Robert J. Haugh retired and was replaced by The St Paul's new chairman, president, and CEO, Douglas W. Leatherdale, who continued the company's strategy for an increasing presence in the European market.

1991 The St Paul International Insurance Company Limited becomes a free-standing underwriter in London.

In May 1993 The St Paul launched a restructuring of its United States underwriting businesses (known collectively as St Paul Fire and Marine Insurance), partly in response to the losses of the previous year.

1995 Travelers launches in Ireland.

Results for 1996 were not nearly so rosy, as the company suffered its second worst catastrophe losses in history--$207 million--stemming in large part from an east coast blizzard, flooding in the west and southwest, and Hurricane Fran.

Meanwhile, John Nuveen added $13.6 billion to its assets under management through the acquisitions of Flagship Resources in January 1997 and of Rittenhouse Financial Services in July 1997.

2004 The St Paul and Travelers merge to form The St Paul Travelers Companies Inc.

2007 The company changes its name to The Travelers Companies, Inc. and re-acquires the red umbrella.

2008 The company rebrands as Travelers in the UK and Ireland.

2016: *Created the Early Severity Predictor, the first predictive model to help injured employees avoid chronic pain and opioid use.

2017: *Introduced ZoneCheckSM, a first-of-its-kind online tool to help customers identify areas surrounding a job site that could be affected by vibrations from heavy equipment.

2018: Offered a new stand-alone cyber insurance product for organizations of all sizes in the United Kingdom and Ireland to provide liability and first-party cover for losses from cyber attacks.