Travelers Inc.

Travelers Inc.
Insurance company, now part of Citigroup.

Founded in 1864 by the stonecutter James Batterson, the Travelers Insurance Co. was an innovative leader in its industry. It sold the first accident insurance in the U.S. in 1864, and in 1865 it began selling life insurance, becoming the first American company to offer more than one type of insurance. When Batterson died in 1901, Travelers was offering health, liability, and automotive insurance. In 1919 it became the first company to sell aviation insurance. In 1993, after suffering losses in real estate, it was acquired by the Primerica conglomerate, formed in 1987 from the non-packaging operations of the American Can Co., and the new company became known as the Travelers Group. In 1996 the Travelers Group bought the casualty and property insurance businesses of the Aetna Life and Casualty Co. In 1997 it bought Salomon Brothers Inc., which it merged with Smith Barney, Harris Upham & Co. and the Shearson brokerage business; the resulting firm, Salomon Smith Barney Holdings Inc., is one of the country's largest securities firms. In 1998 Travelers merged with Citicorp to form Citigroup.

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Universalium. 2010.

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