[Form 4] TRAVELERS COMPANIES, INC. Insider Trading Activity

Rhea-AI Filing Summary

The filing reports that Elizabeth Robinson, a director of The Travelers Companies, Inc. (TRV), received 11,264.077 deferred common stock units on 09/30/2025 as non‑cash compensation under the company’s Deferred Compensation Plan for Non‑Employee Directors. These units convert one‑for‑one into shares of common stock upon distribution, which the director may elect to receive as a lump sum or in annual installments. The reported amount includes 43.583 additional deferred units acquired on 09/30/2025 via the plan’s dividend reinvestment feature. The Form 4 was signed by power of attorney on 10/01/2025.

Positive

• Director compensation paid in deferred stock units aligns management incentives with shareholders without immediate cash payout
• Conversion is one‑for‑one into common shares, and dividend reinvestment is applied, preserving economic equivalence to share ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation paid in deferred stock units, aligning director and shareholder interests without immediate cash outflow.

The transaction is a standard issuance of deferred common stock units to a non‑employee director under the company’s established Deferred Compensation Plan. Units convert one‑for‑one into shares at distribution and include reinvested dividends, which preserves economic parity with share ownership while deferring tax and receipt. This disclosure is procedural and non‑dilutive until units are distributed as shares; no exercise price or derivative instrument is involved. The filing provides clear mechanics for conversion and distribution elections.

Securities Analyst

TL;DR: Transaction is administrative and immaterial to near‑term financial results; reflects compensation structure for directors.

The Form 4 shows a non‑derivative acquisition of deferred common stock units totaling 11,264.077 units, credited as compensation on 09/30/2025. Inclusion of 43.583 units from dividend reinvestment indicates the plan treats dividends as additional deferred units. Because these are deferred units (not currently outstanding common shares) and convert upon distribution, the immediate impact on the company’s reported share count and earnings per share is limited and contingent on future distributions elected by the director.

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).

1. Name and Address of Reporting Person^*

Robinson Elizabeth

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		A		156.69(1)	A	$279.22	11,264.077(2)	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

Explanation of Responses:

1. These are deferred common stock units received in lieu of cash compensation pursuant to the Company's Deferred Compensation Plan for Non-Employee Directors. The deferred common stock units will be converted into shares of Company common stock on a one-for-one basis upon distribution. Distribution of shares of common stock occurs, at the election of the director, either in a lump sum or in annual installments pursuant to the Company's Deferred Compensation Plan for Non-Employee Directors.

2. Includes the deferred common stock units granted under one or more of the Company's directors' compensation plans. Also includes 43.583 deferred common stock units acquired on September 30, 2025 pursuant to the dividend reinvestment features of those plans, which will be distributed as described in footnote 1 above.

	/s/Wendy C. Skjerven, by power of attorney	10/01/2025
	** 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.
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FAQ

What did Elizabeth Robinson report on the TRV Form 4?

She reported acquiring 11,264.077 deferred common stock units on 09/30/2025 as director compensation under the company’s Deferred Compensation Plan for Non‑Employee Directors.

How do the deferred common stock units convert to TRV shares?

The units convert one‑for‑one into shares of company common stock upon distribution, at the director’s election as a lump sum or in annual installments.

Does the Form 4 show any derivative transactions for TRV?

No. The filing reports non‑derivative deferred common stock units; there are no options, warrants, or other derivative instruments disclosed.

Were any dividend reinvestments included in the reported units?

Yes. The total includes 43.583 deferred common stock units acquired on 09/30/2025 pursuant to the plan’s dividend reinvestment feature.