TRVTravelers Companies
- Employees
- 34,000
- Headquarters
- Saint Paul, MN
- CEO
- Alan D. Schnitzer
- Next results
- around Jan 20, 2027
4 paragraphs in Risk Factors of the 10-K filed Feb 12, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
during extreme events, such as a pandemic, or during volatile or uncertain economic conditions, due to unexpected changes in behavior of claimants and policyholders, including an increase in fraudulent reporting of exposures and/or losses, reduced maintenance of insured properties, increased frequency of small claims or delays in the reporting or adjudication of claims.
Read in the 10-K ↗
We are exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances. We face exposure to mass tort claims, including claims related to exposure to
Similar paragraph at 1 of 75 other Financials companies: WRBRead in the 10-K ↗
result in substantial liability and could have a significant and negative effect not only on our business in that market but also on our reputation generally.
Read in the 10-K ↗
Any inability to enforce our intellectual property rights could have a material adverse effect on our business and our ability to compete.
Similar paragraph at 20 of 75 other Financials companies: AIZ, AJG, AXP, BX, CBOE, CFG, COF, CPAY and 12 moreRead in the 10-K ↗
New in the latest 10-Q
9 paragraphs in the 10-Q filed Oct 16, 2026 with nothing like them in the 10-Q filed Jul 17, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Debt Issuance. On July 24, 2026, the Company issued $ 750 million aggregate principal amount of 4.95 % senior notes that will mature on July 24, 2031. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $ 744 million. Interest on the senior notes is payable semi-annually in arrears on January 24 and July 24. Prior to June 24, 2031, the senior notes may be redeemed, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to the greater of (a) 100 % of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding June 24, 2031 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate (as defined in the senior notes), plus 10 basis points. On or after June 24, 2031, the senior notes
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may be redeemed, in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to 100 % of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
Read in the 10-Q ↗
(1) PCS event 52, which was $5 million as of June 30, 2026, exceeded the Company’s threshold for a significant catastrophe ($100 million) as of September 30, 2026.
Read in the 10-Q ↗
of exposure, number of reported claims, products/completed operations and potential “non-product” exposures, size of policyholder and geographic distribution of products or services sold by the policyholder.
Read in the 10-Q ↗
During the third quarter of 2026, the Company completed its annual in-depth asbestos claim review, including a review of policyholders with open claims and litigation cases for potential product and “non-product” liability. While the latest available government data continue to reflect a declining trend in deaths caused by mesothelioma, the number of policyholders with open asbestos claims was relatively flat compared to 2025. Net asbestos payments were up compared to 2025, as described below. Payments on behalf of these policyholders continue to be influenced by the factors described above, including an increase in severity for certain policyholders and a high level of litigation activity in a limited number of jurisdictions where individuals alleging serious asbestos-related injury, primarily mesothelioma, continue to target defendants who were not traditionally sued and/or primary targets of asbestos litigation. The completion of the analyses described above and the annual review in the third quarters of 2026 and 2025 resulted in $295 million and $277 million increases, respectively, to the Company’s net asbestos reserves. In both 2026 and 2025, the reserve increases were primarily driven by increases in the Company’s estimate of projected settlement and defense costs related to a broad number of policyholders. The increase in the estimate of projected settlement and defense costs primarily resulted from payment trends that continue to be higher than previously anticipated due to the continued high level of mesothelioma claim filings and the impact of the current litigation environment surrounding those claims discussed above.
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negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos reserves, the Company continues to study the implications of these and other developments.
Read in the 10-Q ↗
The Company’s normal renewals and changes to its catastrophe reinsurance coverage occur in January and July each year. The changes effective in January are discussed in the “Catastrophe Reinsurance” section of “Part I - Item 1 - Business” in the Company’s 2025 Annual Report, and changes effective in July are discussed in the “Catastrophe Reinsurance Coverage” section of “Part I - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Read in the 10-Q ↗
Effective October 1, 2026, the Company increased its cyber reinsurance quota share cession percentage, which will result in an increase in ceded written premiums, and therefore a decrease in net written premiums, of approximately $165 million in the fourth quarter 2026 and approximately $230 million for the full year 2027, primarily impacting the Bond & Specialty Insurance segment. The Company expects the impact on net and core income will be de minimis in both periods.
Read in the 10-Q ↗
On July 24, 2026, the Company issued $750 million aggregate principal amount of 4.95% senior notes that will mature on July 24, 2031. The Company intends to use the net proceeds of the notes for general corporate purposes. See note 9 of the notes to the unaudited financial statements for further discussion regarding the terms of the senior notes.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 16, 2026 against Item 1A of the 10-K filed Feb 12, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
For a discussion of the Company’s potential risks or uncertainties, please see “Part I - Item 1A - Risk Factors” and “Part II - Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report and “Part I - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein, in each case as updated by the Company’s periodic filings with the SEC. There have been no material changes to the risk factors disclosed in Part I - Item 1A of the Company’s 2025 Annual Report.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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