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

Rhea-AI Filing Summary

Russell G. Golden, a director of The Travelers Companies, Inc. (TRV), reported receipt of deferred common stock units as director compensation. On 09/30/2025 he was granted 165.64 deferred common stock units under the companys director deferred compensation plan, credited in lieu of cash compensation at an indicated per-share value of $279.22. After the grants and related holdings, he beneficially owned 4,355.693 common stock units, which include 16.442 units received on 09/30/2025 from dividend reinvestment. These deferred units convert one-for-one into shares on distribution and may be paid either in a lump sum or in annual installments under the plan. The Form 4 was signed by power of attorney on 10/01/2025.

Positive

• Director compensation converted to equity-linked units which aligns a directors interests with shareholders through one-for-one conversion on distribution
• Dividend reinvestment feature active, as evidenced by 16.442 deferred units credited on 09/30/2025

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation reported as deferred stock units, aligning pay with shareholder outcomes.

The filing documents a standard, nondiscretionary director compensation event where cash compensation was deferred into common stock units. Deferred common stock units that convert one-for-one to shares encourage long-term alignment between the director and shareholders because payout is equity-settled and can be timed by the director at distribution. The inclusion of dividend reinvestment units (16.442 units) shows the plans feature of compounding holdings. There is no indication of sales, option exercises, or other transactions that would materially alter outstanding share counts.

Securities Analyst

TL;DR: Transaction is procedural and non-dilutive at grant; it does not signal insider buying or selling.

The Form 4 records an acquisition code for deferred units rather than open-market purchases or sales of actual shares. The reported per-share reference ($279.22) appears tied to valuation for the deferral but does not represent a market purchase. Beneficial ownership after the grant is 4,355.693 units, a modest holding relative to typical public-company free float. No derivative instruments or dispositions are reported. This filing is informational for disclosure compliance and does not, by itself, imply a change in corporate control or capital structure.

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
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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^*

Golden Russell G.

(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		165.64(1)	A	$279.22	4,355.693(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 16.442 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 TRV director Russell G. Golden report on Form 4?

He reported receipt of 165.64 deferred common stock units on 09/30/2025 and beneficial ownership of 4,355.693 units following the transaction.

Do the deferred common stock units convert to shares for TRV?

Yes. The deferred common stock units convert one-for-one into shares upon distribution under the company's Deferred Compensation Plan for Non-Employee Directors.

What is the indicated per-share reference in the filing?

The filing shows a per-share reference of $279.22 associated with the deferred units reported on 09/30/2025.

Were any shares sold or options exercised by the reporting person?

No. The Form 4 shows an acquisition of deferred units and no dispositions or derivative exercises.

When was the Form 4 filed for this transaction?

The signature block shows the Form 4 was executed by power of attorney on 10/01/2025.