We believe Travelers will continue to outperform the property/casualty (P/C) insurance industry over the long term, though we recognize that operating results in 2011 will be an anomaly as a result of above-average catastrophe losses. We expect Travelers to maintain a very strong competitive position, and we believe its excellent enterprise risk management (ERM) capabilities differentiate it from its peers. As a result, we are raising our ratings on The Travelers Cos. and its subsidiaries. The stable outlook reflects the limited further upside potential to the ratings in the near term because of macroeconomic issues and the impact that they could have on Travelers and the overall P/C market. On July 28, 2011, Standard&Poor's Ratings Services raised its
