US No.2 Insurer joins US stock market barometer
The US’s second largest insurer, Travelers, which includes former insurance assets of Citigroup joined the Dow Jones Industrial Average, the US equivalent of the FT index on the stock market.
Citgroup and GM, which filed for bankruptcy yesterday, dropped out.
Travelers closed up 3.15%.
The FT said: “The insurer's inclusion in the Dow represents a victory of sorts for Jay Fishman, chief executive, a former Citi executive whose conservative operating style has helped Travelers survive the financial crisis with a strong capital position.
In 2002, Citigroup gave up control of Travelers Property Casualty through a share listing and subsequent spin-off. In 2004 Travelers merged with insurer St Paul, which Mr Fishman had left Citi to run.
