Travelers is one of the largest U.S. P/C insurers, with a demonstrated track record of above-peer average operating performance and 'AAA' risk-based capital adequacy. We are affirming our 'AA' ratings on Travelers Cos. Inc.'s core rated subsidiaries. The stable outlook reflects the group's extremely strong competitive position and capital adequacy, and superior operating earnings. On July 29, 2019, S&P Global Ratings affirmed its 'AA' insurer financial strength and long-term issuer credit ratings on the core subsidiaries of The Travelers Cos. Inc., and its 'A' long-term issuer credit rating on the parent holding company. The outlook is stable. We also affirmed our ratings on all outstanding hybrids and debt instruments issued by Travelers Cos. Inc. and affiliated entities. The stable outlook
