Travelers: Not Exciting, Just Reliable

The Travelers Companies, Inc. combines disciplined capital allocation, solid underwriting, and consistent dividend growth—not exciting, but reliable. Q1 2026 underwriting was strong, with a combined ratio of 88.6%, largely helped by a normalization of catastrophe losses, especially in personal lines. TRV raised its dividend by 13.5% and repurchased $1.8 billion of shares, returning $2 billion to shareholders following the sale of its Canadian operations.