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The Board of Directors of The Travelers Companies, Inc. (NYSE: TRV) announced that it has unanimously elected Alan D. Schnitzer, the company’s Chief Executive Officer, as its next Chairman, effective immediately.

He succeeds John H. Dasburg, who will assume the position of independent Lead Director, a role he held prior to becoming Chairman.

Dasburg said, “During this time of unprecedented change for the insurance industry, the Board believes that the company and its shareholders are best served by combining the roles of Chairman and CEO. Since Alan became CEO, the company has strengthened its competitive advantages and meaningfully advanced its strategic digital and innovation agendas while continuing to deliver industry-leading financial results. Alan’s vision will guide the company in remaining an industry leader and seizing the opportunities that change presents.”

“I am honored and grateful for the Board’s support and confidence to succeed John as Chairman,” Alan Schnitzer said, “John played an important role following the loss of our former Executive Chairman,Jay Fishman. I am thankful for John’s leadership and pleased that the Board will continue to benefit from his insight and guidance.”

Schnitzer went on further, “With the support of the Board, I look forward to continuing to work with the senior leadership team as we build upon our strong track record of delivering meaningful shareholder value.”

The Board also announced that it has elected Clarence Otis, Jr. to the Board of Directors, effective immediately, increasing the number of directors from 12 to 13. Otis has been appointed as a member of the Compensation, Investment and Capital Markets and Nominating and Governance Committees. Otis is the former Chairman and CEO of Darden Restaurants, Inc.

lonce@adjustercom.com; Lonce LaMon, journalist