Travelers Pledges $5 Million to Coronavirus Relief Efforts
The Travelers Companies, Inc. (NYSE:TRV) today announced a $5 million commitment to assist families and communities impacted by the COVID-19 pandemic in North America, the United Kingdom and the Republic of Ireland. This includes support for the most financially vulnerable in the communities where Travelers operates.
“Our customers and communities are facing an unprecedented challenge,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. “Helping in a crisis is what we do, and the commitments we’re making today to take care of the communities in which we live and work are an extension of the fundamental role we play.”
As part of this pledge, Travelers will donate $3.5 million to leading charities that provide essential services to address urgent, unmet needs, including emergency assistance for hourly workers, food and shelter for vulnerable populations, stability to small businesses and resources to mitigate disruptions in education. Among these initiatives, Travelers has repurposed its kitchen facilities in Hartford, Connecticut, to assist nonprofits in the preparation and delivery of meals.
In addition, up to $1 million will go to pay the wages and health benefits for eligible third-party contract employees who provide services at the company’s offices, including dining and building maintenance. This will ensure that these individuals, who would have otherwise been laid off, remain employed.
The company also has designed a special matching program for its employees who wish to contribute to causes related to COVID-19. Under the program, Travelers is committing up to $500,000 to match – on a 2-for-1 basis – employee contributions to designated organizations, including Americares, Dublin Simon Community, Food Banks Canada, Team Rubicon and United Way.
Schnitzer added, “In addition to charitable contributions, we are taking a number of steps to ensure the well-being of our customers and employees. We are offering billing relief to address the financial distress that many are facing as a result of the pandemic, and we have adjusted the claims inspection process to rely more heavily on our extensive inventory of state-of-the-art digital and virtual tools, with extra precautions in place if an in-person inspection is needed. We are also providing the equipment, supplies and resources our employees need to continue working safely and seamlessly from their homes. And, we have partnered with our food services vendor to create a program to make essential groceries and pre-made meals available for employees in the Hartford area so they can more easily adhere to social distancing advice.
“Employees across the organization have stepped up in amazing ways, including our business continuity, technology, operations, claim and worksite-essential teams, which have led heroic efforts to ensure that we can continue to deliver the exceptional, uninterrupted service that our customers, agents and brokers have come to expect. I am grateful to every one of our 30,000 colleagues, all of whom have demonstrated extraordinary commitment, ingenuity and flexibility.
“Offering billing relief to our impacted customers, continuing to employ members of the extended Travelers family and supporting our neighbors will bring us one step closer to rebuilding our communities and emerging from this crisis stronger than ever.”
The Travelers Companies, Inc. (NYSE:TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2019. For more information, visit www.travelers.com.