Very strong competitive position as one of the largest writers of commercial and personal property/casualty (P/C) insurance in the U.S. Strong operating performance. Very strong operating company capitalization. Conservative financial leverage and strong coverage ratios. Substantial exposure to asbestos claims. Potential for further adverse development of claims reserves for companies formerly part of the St. Paul Fire&Marine Insurance Group. The counterparty credit rating on The Travelers Cos. Inc. (Travelers; NYSE:TRV) is based on the group's very strong market position, strong operating performance, very strong operating company capitalization, and conservative financial leverage and coverage ratios. Partially offsetting these strengths is the possibility of some further adverse development of reserves associated with the pre-merger liabilities of the St. Paul Fire
