Travelers (TRV) Insider: 16,820 Shares Exercised and Sold by EVP on 08/22/2025

Rhea-AI Filing Summary

Reporting person: Mojgan M. Lefebvre, EVP & Chief Technology & Operations Officer at The Travelers Companies, Inc. (TRV). The Form 4 discloses transactions on 08/22/2025 in which Ms. Lefebvre exercised 16,820 stock options with an exercise price of $132.58 and thereby acquired 16,820 shares of common stock. The same day she sold those 16,820 shares at a weighted average price of $277.5446, reducing her reported direct common stock holdings to 0 shares. The filing shows 9,213 derivative securities (stock options) remain beneficially owned following the reported activity. The filer certified the Form 4 on 08/26/2025 via power of attorney.

Positive

• Exercise and sale were disclosed on a Form 4 consistent with Section 16 reporting requirements
• Realized spread: Options exercised at $132.58 and sold at a weighted average of $277.5446, indicating significant gain per share
• Remaining option exposure: Reporting person continues to beneficially own 9,213 derivative securities

Negative

• Direct common stock holdings reduced to 0 following the reported sale
• Sale of all shares acquired on exercise could be viewed as insider liquidity rather than long-term stock accumulation

Insights

Financial Analyst

TL;DR: Executive exercised options and sold the acquired shares same day, capturing substantial spread between exercise price and sale price; modest for firm-level impact.

The filing documents a cashless or same-day exercise and sale of 16,820 shares, realizing the difference between the $132.58 exercise price and the $277.5446 weighted sale price. For investors this is routine insider liquidity rather than a signal of company-level change: the size (16,820 shares) should be compared to outstanding share count to judge materiality, which is not provided here. The retention of 9,213 derivative securities indicates the reporting person still holds some vested or unexercised option exposure.

Corporate Governance Expert

TL;DR: Transaction follows typical insider option exercise and disposition; disclosure appears complete and timely under Section 16 rules.

The Form 4 lists exercise (code M) and sale (code S) on the same date and provides the weighted average sale price with a note offering to supply per-price share counts on request, which aligns with disclosure norms. The filing was signed via power of attorney, a common administrative practice. From a governance perspective, the activity documents insider liquidity but does not, by itself, indicate any governance issue or unusual related-party transaction.

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^*

Lefebvre Mojgan M

(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)
	EVP & Chief Tech & Ops Officer

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		16,820	A	$132.58	16,820	D
Common Stock	08/22/2025		S		16,820	D	$277.5446(1)	0	D

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)	$132.58	08/22/2025		M			16,820	02/04/2023	02/04/2030	Common Stock	16,820	$0	9,213	D

Explanation of Responses:

1. Represents the weighted average sales price for price increments ranging from $277.482 to $277.885. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

	/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 insider transactions did Mojgan Lefebvre report on Form 4 for TRV?

The filing reports exercise of 16,820 stock options at $132.58 and sale of 16,820 shares on 08/22/2025 at a weighted average price of $277.5446.

How many shares does Mojgan Lefebvre beneficially own after the transactions?

The report shows 0 shares of common stock beneficially owned directly following the transactions and 9,213 derivative securities beneficially owned.

What does transaction code 'M' and 'S' mean on this Form 4?

On this filing, code M indicates an exercise/acquisition related to derivative securities and code S indicates a sale of common stock as reported on the form.

What sale price information is provided for the shares sold?

The Form 4 gives a weighted average sale price of $277.5446 and explains that price increments ranged from $277.482 to $277.885; the filer offers to provide per-price share counts on request.

When was the Form 4 certified and by whom?

The Form 4 was signed on behalf of the reporting person by Wendy C. Skjerven, by power of attorney on 08/26/2025.