PHILADELPHIA--(BUSINESS WIRE)--April 18, 2005--St. Paul Travelers
(NYSE:STA) announced the formation of a new Global Underwriting Small
Business Unit to provide international commercial property casualty
insurance for U.S.-based business customers who have small, developing
international operations. The announcement was made today at the Risk
and Insurance Management Society, Inc. (RIMS) conference. Features of
the new Small Business Unit include flexible and competitive insurance
products, enhanced customer service capabilities, automatic renewal
processing and dedicated staff with expertise in small business global
insurance needs.
"Small businesses are expanding globally at an astounding rate,"
said Rick Smith, president of Global Underwriting for St. Paul
Travelers. "These businesses face a variety of insurance exposures,
from risks associated with employees traveling overseas to liability
on exported products or services. Our Global Companion(SM) product
provides a comprehensive portfolio of products to cover the property
and casualty needs of small business customers."
Global Companion(SM) was designed to provide the package of
coverages small businesses need for their first ventures overseas and
to grow with these businesses as their international operations
expand. The product can provide protection for a variety of business
activities, such as:
-- Employees traveling or permanently based outside the U.S.
-- Exports of products or services outside the U.S.
-- Attendance at international trade shows or exhibits outside
the U.S.
-- Sales office or distribution operations outside the U.S.
The Small Business Unit will also make it easier for agents and
brokers to do business with St. Paul Travelers by providing faster
turnaround for quotes on new business and by issuing automatic renewal
quotes 60 days prior to renewal dates. The Unit's staff has expertise
in the international insurance exposures of small businesses and can
provide agents and brokers with a complete insurance package to meet
their customers' needs.
Global Accounts, which already has a significant number of
business customers with small international operations, is looking to
expand its presence in this market. "Our small business book
represents a growing portion of our business, and we want to do more,"
Smith said. "Our underwriting expertise, combined with our ability to
streamline policy processing and renewals, should help us grow the
business this year and into the future."
For more information on the Small Business Unit, including
eligibility criteria and contact information, visit the international
business section of St. Paul Travelers Web site at
www.stpaultravelers.com/business_insurance/specialty/international/
global_exposures.html. (Due to its length, this URL may need to be
copied/pasted into your Internet browser's address field. Remove the
extra space if one exists.)
St. Paul Travelers is a leading provider of property casualty
insurance and asset management services. For more information, visit
www.stpaultravelers.com.
CONTACT: St. Paul TravelersAndrea Wood, 651-310-6440
SOURCE: St. Paul Travelers