Extremely strong competitive position based on leading position in many lines of business Consistently strong profitability and strong reputation in the independent agency channel Pricing power maintained with strong retention levels Intermediate insurance industry and country risk Capital adequacy consistently well within the 'AAA' redundancy level Intermediate risk position reflecting large capital buffer, mitigating catastrophe exposures and potential casualty reserves volatility Strong financial flexibility Very strong enterprise risk management (ERM) and strong management support the rating Travelers Cos. Inc. and its intermediate holding company affiliates largely rely on their regulated insurance operating units to meet debt obligations and other cash requirements, including interest and principal payments, shareholder dividends, and certain operating expenses. Its liquidity profile benefits from its operating subsidiaries'
