Travelers to be Added to the S&P 500
By Robert Warne - August 15, 2002Standard & Poor’s announced yesterday that it will add Travelers Property Casualty Corp. to the S&P 500 Index Aug. 20.
Citigroup Inc. Chairman and Chief Executive Officer, Sanford I. Weill didn’t skip a beat in responding to the good news.
“We are very pleased that Travelers has been added to this prestigious index,” said Weill. “This action by S&P affirms the quality of Travelers’ business and management team.”
Travelers completed its initial public offering of 23.1 percent of its common equity last March. The landmark IPO was the largest ever in the U.S. insurance sector and the fifth largest in U.S. history.
Citigroup plans to distribute to its stockholders approximately 66.9 percent of the common equity of Travelers. The company will retain approximately 9.9 percent of Travelers’ outstanding equity securities.
Travelers Chairman and CEO Robert I. Lipp credited the company’s employees for their success.
“I am very pleased that the hard work of our 20,000-plus employees throughout the U.S. has brought us to this milestone, where our size and strength — and a market capitalization of more than $16 billion in today’s marketplace — are acknowledged by the financial community,” Lipp said Aug. 15.
The distribution will be payable on or about August 20, 2002, to Citigroup stockholders of record as of 5:00 p.m. Eastern Time on August 9, 2002. | 
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