Travelers (TRV) legal chief exercises 20,000 options and sells stock

Rhea-AI Filing Summary

TRAVELERS COMPANIES, INC. executive Avrohom J. Kess, Vice Chairman and Chief Legal Officer, exercised stock options for 20,000 shares on 2026-02-20, acquiring 20,000 shares of common stock at $140.8500 per share. To cover related obligations, he disposed of 15,244 shares in a tax-withholding transaction at $300.9800 per share and sold 4,756 shares in open-market trades at a weighted average price of $300.4417 per share, with individual sale prices ranging from $300.38 to $300.60. After these transactions, he directly owned 50,862.4220 shares of Travelers common stock.

Insights

Equity compensation analyst

Option exercise paired with tax and market share sales looks like routine equity compensation activity.

Avrohom J. Kess exercised stock options for 20,000 shares, receiving common stock at $140.8500 per share. Such exercises are a normal part of executive compensation, converting previously granted options into actual share ownership.

He then disposed of 15,244 shares to satisfy tax or exercise obligations at $300.9800 per share and sold 4,756 shares in the market at a weighted average price of $300.4417 per share. Following these moves, he still directly holds 50,862.4220 shares, suggesting the activity is largely administrative rather than a major change in his overall exposure.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Kess Avrohom J.

Role Vice Chmn & Chief Legal Off

Sold 4,756 shs ($1.43M)

Approx. gross sale proceeds $1.43M

Approx. exercise cost $2.82M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	20,000	$0.00	$0.00
Exercise	Common Stock	20,000	$140.85	$2.82M
Exercise Price or Tax Liability	Common Stock	15,244	$300.98	$4.59M
Sale	Common Stock	4,756	$300.4417	$1.43M

Holdings After Transaction: Stock Options (Right to Buy) — 27,686 shares (Direct); Common Stock — 50,862.422 shares (Direct)

Footnotes (1)

1. F1. Represents the weighted average sales price for price increments ranging from $300.38 to $300.60. 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/23/2026 - 04:05 PM Learn about SEC filing dates

FAQ

What did TRV executive Avrohom J. Kess do in this Form 4 filing?

Avrohom J. Kess exercised stock options for 20,000 shares and received Travelers (TRV) common stock at $140.8500 per share. He then disposed of 15,244 shares for tax purposes and sold 4,756 shares in the open market on the same date.

How many Travelers (TRV) shares did Avrohom J. Kess sell in the market?

He sold 4,756 shares of Travelers (TRV) common stock in open-market transactions. The weighted average sale price was $300.4417 per share, with individual trades executed between $300.38 and $300.60, as disclosed in the accompanying footnote.

What portion of Avrohom J. Kess’s TRV share disposal was for taxes?

The filing shows 15,244 Travelers (TRV) shares disposed of under code F, meaning a tax-withholding or exercise-price payment. These shares were valued at $300.9800 per share, indicating they were delivered to satisfy obligations related to the option exercise.

How many Travelers (TRV) shares does Avrohom J. Kess own after these transactions?

After the option exercise, tax withholding, and open-market sale, Avrohom J. Kess directly owns 50,862.4220 shares of Travelers (TRV) common stock. This reflects his remaining direct stake following all transactions reported for February 20, 2026.

What prices were involved in Avrohom J. Kess’s recent TRV transactions?

He acquired 20,000 Travelers (TRV) shares via option exercise at $140.8500 per share. Shares used for tax withholding were valued at $300.9800, and market sales occurred at a weighted average of $300.4417, within a $300.38 to $300.60 price range.

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^*

Kess Avrohom J.

(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 Chmn & Chief Legal Off

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		M		20,000	A	$140.85	70,862.422	D
Common Stock	02/20/2026		F		15,244	D	$300.98	55,618.422	D
Common Stock	02/20/2026		S		4,756	D	$300.4417(1)	50,862.422	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)	$140.85	02/20/2026		M			20,000	02/06/2021	02/06/2028	Common Stock	20,000	$0	27,686	D

Explanation of Responses:

1. Represents the weighted average sales price for price increments ranging from $300.38 to $300.60. 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	02/23/2026
	** 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.