Remuneration policy disclosure statement

Virtually all of Travelers’ business in the UK is introduced to us by insurance brokers, who are regulated by the Financial Services Authority.

In respect of such business, brokers are remunerated in one of two ways (or sometimes by a combination of both):

1. By receiving a fee from their client (The Policyholder) in respect of services provided, including the placing of their insurance programme.

2. By receiving a commission from us as a percentage of the premium involved.

For ‘fee’ business, the amount of the remuneration will be agreed explicitly between the client and the broker.

For ‘commission’ business, the amount of the commission is agreed explicitly between the broker and us.

In addition, we sometimes pay brokers a further ‘whole account’ commission based on the value that the broker brings to our organisation.

The FSA impose a requirement on brokers, for commercial insurance, that they disclose, on request, to their client the amount of any commission they receive.  Some brokers disclose this information as a matter of course; others do it on request.

Travelers will, on written request from a Policyholder, disclose to them the amount of commission paid to their broker in respect of insurances placed with us.  This voluntary disclosure is in addition to any other rights a Policyholder may have under his policy or under current UK regulation.

Such requests should be sent to:

The Chief Executive Officer, Travelers Syndicate Management Ltd., 60 Gracechurch St., London EC3V 0HR.