BestWeek: St. Paul Travelers Buying Back Iconic Red Umbrella in Brand-Building Boon

OLDWICK, N.J.--(BUSINESS WIRE)--The red umbrella that Travelers Insurance Co. has used to weather competitive battles for more than a century will once again belong to the second-biggest U.S. commercial insurer, according to an exclusive story in this week's BestWeek. Funny thing is, even though Travelers lost it in 2002 when it as spun off from Citigroup, a recent survey found people still identify the umbrella with Travelers.

St. Paul Travelers Cos. Inc., as the company is now known, is buying back its iconic logo from Citigroup Inc. to bolster its newest brand-building strategy, but some analysts say the effect on the company's major competitors is unclear.

The umbrella "is really one of the best brands in the insurance industry," said Kimberly Paterson, president of Creative Insurance Marketing, Belmar, N.J. It's the symbol that clearly represents protection, she said. "I think it's a very, very powerful brand and I think it was a huge loss for the company when they did lose it."

Also in BestWeek, Best's Global Insurance Composite Index finished the week of Feb. 15 up 14.34% from a year ago. The composite index reflects the performance of 183 insurance stocks. The week's top performers were Atlantic American Corp.; Meadowbrook Insurance; Navigators; Aon; and Nissay Dowa. The bottom five performers were Kingsway Financial; National Interstate; EMC Insurance Group; Chaucer Holdings; and SCPIE Holdings.

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