Fitch Ratings has assigned an 'A' rating to The Travelers Companies, Inc.'s (TRV) new $750 million 4.950% unsecured senior notes, due in 2031.
The issuance ranks pari passu with TRV's outstanding unsecured notes and is therefore rated in line with them. TRV's existing ratings are unaffected by today's rating action.
Key Rating Drivers
The net proceeds of the offering are expected to be used for general corporate purposes.
Fitch affirmed TRV's ratings in October 2025, including the holding company senior debt at 'A' and the property/casualty insurance subsidiaries' Insurer Financial Strength (IFS) ratings at 'AA'. The Rating Outlook is Stable. The rating action commentary is available at https://www.fitchratings.com/site/pr/10326279.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Sustained GAAP combined ratio of 97% or higher;
Sustained deterioration in the Prism score to a level below 'Very Strong';
A sustained increase in financial leverage of 27% or higher.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Sustained GAAP combined ratio of 90% or better;
Operating fixed-charge coverage approximating 15x;
Improvement in the overall assessment of capital.
Date of Relevant Committee
23 October 2025
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
RATING ACTIONS
Entity / Debt
Rating Type
Rating
Rating Action
The Travelers Companies, Inc.
senior unsecured
LT
A
New Rating
Page
of 1
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
APPLICABLE CRITERIA
Insurance Rating Criteria - Effective from March 4, 2024 to May 29, 2026 (pub. 05 Mar 2024) (including rating assumption sensitivity)
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
Prism U.S. Non-Life Insurance Capital Model, v1.4.7 (1)
Reserve Adequacy and Volatility Estimator Model, v1.4.1 (1)
Third-party Model (1)
ADDITIONAL DISCLOSURES
Solicitation Status
Endorsement Policy
ENDORSEMENT STATUS
The Travelers Companies, Inc. EU Endorsed, UK Endorsed
DISCLAIMER & DISCLOSURES
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Solicitation Status
The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.
Fitch's solicitation status policy can be found at www.fitchratings.com/ethics.
Endorsement Policy
Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU Regulation or the UK Regulation, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.
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