Travelers (TRV) Insider: Heyman Exercises Options and Executes Partial Sale

Rhea-AI Filing Summary

The Travelers Companies, Inc. (TRV) Form 4 shows insider transactions by Vice Chairman William H. Heyman on 08/22/2025. Mr. Heyman exercised stock options to acquire 2,000 shares at an exercise price of $139.83 per share and immediately recorded two sales of 1,000 shares each at $278 and $279. After these transactions his reported direct beneficial ownership in common stock stands at 255,085.534 shares, with additional indirect holdings of 1,704.115 shares through a 401(k) plan, 2,256 shares held by his spouse, and 250 shares held in trust for a stepson. The filing includes the option details (exercise date 08/22/2025; exercisable since 02/02/2024; expiration 02/02/2031) and a signature by power of attorney dated 08/26/2025.

Positive

• Timely and complete disclosure of option exercise and share sales with requisite Form 4 details
• Significant retained ownership remains (255,085.534 direct shares) after the transactions, indicating continued alignment with shareholders

Negative

• Partial insider sales of 2,000 shares (two blocks of 1,000) reduced direct holdings
• Transactions reflect insider liquidity which may be perceived as personal cashing out, though no further context is provided in the filing

Insights

Financial Analyst

TL;DR: Insider exercised options and sold a portion of shares, leaving substantial continued ownership; transactions appear routine.

The Form 4 discloses a common pattern: option exercise followed by partial sale. The exercise of 2,000 options at $139.83 generated 2,000 shares, and two block sales of 1,000 shares each at $278 and $279 reduced direct holdings by 2,000 shares. Post-transaction direct beneficial ownership remains large at 255,085.534 shares, indicating the officer retains a significant stake. The option terms (exercisable since 02/02/2024, expiring 02/02/2031) and zero price for underlying option value are consistent with a prior grant. From an earnings-impact perspective this is non-operational insider liquidity rather than a change in corporate fundamentals.

Corporate Governance Expert

TL;DR: Disclosure is complete and follows Section 16 reporting conventions; transactions appear procedurally standard.

The report is properly executed by power of attorney and includes required details: transaction codes (M for exercise, S for sale), share counts, prices, ownership form (direct and indirect), and option exercise/expiration dates. Indirect holdings are disclosed for the 401(k), spouse, and trust, and the reporting person disclaims beneficial ownership of certain shares as noted. There is no indication of atypical reporting delays or missing fields within the provided content.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HEYMAN WILLIAM H

(Last) (First) (Middle)

THE TRAVELERS COMPANIES, INC.

385 WASHINGTON STREET

(Street)

ST. PAUL MN 55102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TRAVELERS COMPANIES, INC. [ TRV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/22/2025		M		2,000	A	$139.83	257,085.534	D
Common Stock	08/22/2025		S		1,000	D	$278	256,085.534	D
Common Stock	08/22/2025		S		1,000	D	$279	255,085.534	D
Common Stock								1,704.115	I	401(k) Plan
Common Stock								2,256	I	Held By Spouse(1)
Common Stock								250	I	In Trust For Stepson(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$139.83	08/22/2025		M			2,000	02/02/2024	02/02/2031	Common Stock	2,000	$0	9,000	D

Explanation of Responses:

1. The Reporting Person disclaims beneficial ownership of these shares.

	/s/Wendy C. Skjerven, by power of attorney	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did TRV Vice Chairman William H. Heyman report on Form 4?

He reported exercising 2,000 stock options at $139.83 on 08/22/2025 and selling two blocks of 1,000 shares at $278 and $279.

How many TRV shares does William H. Heyman beneficially own after the transactions?

He reports 255,085.534 direct shares plus indirect holdings of 1,704.115 (401(k)), 2,256 (spouse), and 250 (trust for stepson).

What were the option exercise and expiration dates disclosed?

The options were exercisable since 02/02/2024 and expire on 02/02/2031; the exercise and sale transactions occurred on 08/22/2025.

Were the Form 4 filing and signature properly completed?

The form was signed by power of attorney (Wendy C. Skjerven) and dated 08/26/2025, consistent with standard filing practice.

What transaction codes are used and what do they indicate?

Code M denotes an option exercise and Code S denotes sales of shares; both codes are shown for the 08/22/2025 activity.