Extremely strong competitive position based on leading U.S. market position in several prominent commercial lines Demonstrated pricing power and high retention levels Consistently strong profitability and strong reputation in the independent agency channel Capital adequacy well into the 'AAA' redundancy level supported by strong financial flexibility Exposures to natural catastrophe losses Possible reserve volatility S&P Global Ratings views Travelers Cos. Inc. as having a leading position in the U.S. property/casualty (P/C) market as shown by its track record of strong underwriting profitability. It has exposure to natural catastrophes and possible reserve volatility, though these risks are mitigated by a large capital buffer. Travelers and its intermediate holding company affiliates largely rely on their regulated insurance operating units to meet debt
