Boston, MA 07\/24\/2013 (wallstreetpr) –\u00a0Travelers Companies Inc (NYSE:TRV) had been looking out to cut down its cost involved in the consumer insurance operations of the company by around $140 million by the fiscal year 2015. This move to cut down the costs had been aimed at the making the operations of the consumer insurance division to be highly competitive in the markets. As a result of this cost cutting operation, the company would see around 450 employees losing out their jobs recently in this week.<\/p>\n
There would be further layoffs in the company with more positions to be eliminated in the months to come. It had been estimated that the restructuring expenses for these efforts would be at $16 million, with nearly $10 million being spent in the third quarter. In an effort to make up for the increasing costs of auto insurance claims, the company had increased the prices for its consumers in this insurance division. Such increase in prices had resulted in loss of customers to the company, which had reduced the policies sold out through agents by 12% in the second quarter, which is considered to be worse than the 11% drop in the first quarter and 3% drop in the same quarter of previous year.<\/p>\n
Travelers Companies Inc (NYSE:TRV) had closed on Tuesday with a price of $82.21 per share, which was observed to be a loss of 3.77% over its previous close. Through the trading session, the stock had set intraday low at $82.10 and intraday high at $85.08 per share. In the past 52 weeks, the company had touched bottoms at $60.62 and peaks at $89.00 per share. There are presently 376.42 million outstanding shares in the market with 85% institutional holding and $30.95 billion market cap. On Tuesday, the stock had a trading volume of 5.64 million shares and average level of trading at 2.0 million shares per day.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 07\/24\/2013 (wallstreetpr) –\u00a0Travelers Companies Inc (NYSE:TRV) had been looking out to cut down its cost involved in the consumer insurance operations of the […]<\/p>\n","protected":false},"author":13,"featured_media":8821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[2952,2951],"stock_ticker":[],"class_list":["post-8820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysetrv","tag-travelers-companies-inc-nysetrv","entry"],"acf":[],"yoast_head":"\n