Travelers Calling New York, Not St. P...

Travelers Calling New York, Not St. Paul, Its Home

There are 9 comments on the Hartford Courant story from Mar 11, 2009, titled Travelers Calling New York, Not St. Paul, Its Home. In it, Hartford Courant reports that:

The Travelers Cos., whose corporate headquarters became St. Paul, Minn., in a 2004 merger, has quietly started calling New York City its home base, instead.

Join the discussion below, or Read more at Hartford Courant.

Corrupticut citizen

East Hartford, CT

#1 Mar 12, 2009
Ordinarily I'm not one to complain about the Courant's coverage of things but I can't understand why it continually gives Travelers a free ride. The company never has its layoffs reported in the paper, there's never been one word about all the jobs they shifted "offshore" (read that India) or how many have been transferred to Norcross, GA, which just recently happened. I guess their sponsorship of a golf tournament has bought them all sorts of goodwill.
Center Cut

Glastonbury, CT

#3 Mar 12, 2009
Corrupticut citizen wrote:
Ordinarily I'm not one to complain about the Courant's coverage of things but I can't understand why it continually gives Travelers a free ride. The company never has its layoffs reported in the paper, there's never been one word about all the jobs they shifted "offshore" (read that India) or how many have been transferred to Norcross, GA, which just recently happened. I guess their sponsorship of a golf tournament has bought them all sorts of goodwill.
Did you read the article?

"Though Hartford isn't the corporate headquarters, it fared far better than was feared in the 2004 merger. Travelers, which had about 5,800 Connecticut employees at the time of the deal and then made some layoffs here, now has roughly 7,000 employees in the state."

1200 Net new employees is not too shabby. I think you need to stop griping and face the facts that jobs have been, are going, and will continue to go over seas.
Water

Glastonbury, CT

#4 Mar 12, 2009
Center Cut wrote:
<quoted text>
Did you read the article?
"Though Hartford isn't the corporate headquarters, it fared far better than was feared in the 2004 merger. Travelers, which had about 5,800 Connecticut employees at the time of the deal and then made some layoffs here, now has roughly 7,000 employees in the state."
1200 Net new employees is not too shabby. I think you need to stop griping and face the facts that jobs have been, are going, and will continue to go over seas.
Sorry, you’re clueless on this topic. Just because the “article” said it doesn’t mean that it is true.
Rick

Wethersfield, CT

#5 Mar 12, 2009
And I believe in an article a year or two ago, there were reductions in higher paying jobs in the city and the increases were in areas of Customer Support.
scott

Manchester, CT

#6 Mar 12, 2009
Center Cut wrote:
<quoted text>
Did you read the article?
"Though Hartford isn't the corporate headquarters, it fared far better than was feared in the 2004 merger. Travelers, which had about 5,800 Connecticut employees at the time of the deal and then made some layoffs here, now has roughly 7,000 employees in the state."
1200 Net new employees is not too shabby. I think you need to stop griping and face the facts that jobs have been, are going, and will continue to go over seas.
over 1000 are from India, NOT from CT
Jay and Silent Bob

Ramsey, NJ

#7 Mar 12, 2009
Rick wrote:
And I believe in an article a year or two ago, there were reductions in higher paying jobs in the city and the increases were in areas of Customer Support.
This is true. Another fact that is often over-looked, and supports your statement, is that Citigoup Insurance Investments used to run the investment portfolios for both Travelers Life and P&C . This operation was split between Hartford and 399 Park Ave. After the spin off of TPC all of CII was moved to Hartford which brought a good number of very high paying jobs with it. However, after TPC was aquired by St Paul we knew the end was near because they only signed a 1 year deal with us. Sure enough, 1 year later CII, along with rest of Citi Asset Mgmt, was sold to Met Life which resulted in the loss of 350 well paying jobs in Hartford.

Since: Aug 07

Hartford, CT

#8 Mar 12, 2009
Jay and Silent Bob wrote:
<quoted text>...after TPC was aquired by St Paul we knew the end was near because they only signed a 1 year deal with us. Sure enough, 1 year later CII, along with rest of Citi Asset Mgmt, was sold to Met Life which resulted in the loss of 350 well paying jobs in Hartford.
Yes, but thanks to that decision, Travelers is doing well now. Had it retained the asset management business, Travelers' P&C operations would be dragged down with others in the financial sector, and they'd be in line for TARP money along with MetLife, Prudential and The Hartford.

Life Insurance and Asset management were considered the "growth" businesses. No one expected much of stodgy P&C companies -- that's why Citi spun them off -- but look at Travelers now. I'd rather be working for them than for Citi or Met!
derp

Rochester, MI

#9 Mar 12, 2009
Center Cut wrote:
<quoted text>
Did you read the article?
"Though Hartford isn't the corporate headquarters, it fared far better than was feared in the 2004 merger. Travelers, which had about 5,800 Connecticut employees at the time of the deal and then made some layoffs here, now has roughly 7,000 employees in the state."
1200 Net new employees is not too shabby. I think you need to stop griping and face the facts that jobs have been, are going, and will continue to go over seas.
All of those 1200 jobs are for H1B visa holders and a few managers not needed
Jay and Silent Bob

Ramsey, NJ

#10 Mar 13, 2009
Mister Mike wrote:
<quoted text>
Yes, but thanks to that decision, Travelers is doing well now. Had it retained the asset management business, Travelers' P&C operations would be dragged down with others in the financial sector, and they'd be in line for TARP money along with MetLife, Prudential and The Hartford.
Life Insurance and Asset management were considered the "growth" businesses. No one expected much of stodgy P&C companies -- that's why Citi spun them off -- but look at Travelers now. I'd rather be working for them than for Citi or Met!
Travelers Property Casualty is doing OK now. The P&C business is much more profitable than Life & Annuity. I think Citi screwed themselves by getting rid of all the entire asset management function. Remember, we just ran the portfolios, we didnt own them. We did all the admin work and charged the client a fee. It was all fee based and somewhat immune from market movements.

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