SAINT PAUL, Minn.--(BUSINESS WIRE)--
The St. Paul Travelers Companies, Inc. (NYSE:STA) announced today
that it has signed a definitive agreement to reacquire the familiar
red umbrella trademark, a highly recognizable symbol that had
represented Travelers and insurance protection for decades. After the
closing of the transaction, the company will change its name to The
Travelers Companies, Inc. and will begin trading on the New York Stock
Exchange under the new stock symbol "TRV." The transaction is subject
to customary regulatory approvals.
"The red umbrella is one of the great American business icons.
It's a familiar representation of protection and insurance that is
in-synch with our customers' ever-changing needs," said Chairman and
Chief Executive Officer Jay Fishman. "Bringing back the umbrella and
changing the company name will further advance the highly regarded
Travelers brand."
The umbrella is believed to have first appeared as an illustration
of insurance protection in a Travelers ad in 1870, and, as the red
umbrella, became the official company trademark in 1959. The red
umbrella became increasingly synonymous with Travelers insurance
protection and innovation over the decades. A decision by Citigroup to
pursue a unified global brand identity allowed Travelers to regain the
familiar insurance industry icon, which continues to be most closely
identified with Travelers.
"We're pleased to be bringing the reassuring red umbrella back
home to Travelers, as part of our focused efforts to continue building
the Travelers brand for home, auto and business insurance customers,"
said Fishman.
The company expects to allocate the purchase price principally to
the umbrella trademark, which will be recorded as an asset and is not
subject to amortization for accounting purposes. Accordingly, the
company will not record a charge to earnings upon closing of the
transaction. The company expects to close the transaction by
mid-March.
About Travelers
Travelers understands that life and business are inherently
dynamic and that the best way to serve agents and policyholders is to
deliver insurance that evolves to stay in-synch with life and business
as they change. For more information on being in-synch, visit
www.travelers.com.
St. Paul Travelers is a leading provider of property casualty
insurance. For more information, visit www.stpaultravelers.com.
Source: St. Paul Travelers
Contact: St. Paul Travelers
Media:
Shane Boyd, 651-310-3846
or
Marlene Ibsen, 860-277-9039
or
Institutional Investors:
Michael Connelly, 860-277-1507
or
David Schlosberg, 917-778-6817
or
Individual Investors:
Marc Parr, 860-277-0779