Travelers to Secretary Paulson: No bailout for us, thanks
Insurance companies may be next to get capital from the government as part of the $700 billion bailout approved by Congress, but The Travelers Cos. won’t be one of them.
The St. Paul insurer sent a letter Tuesday to Treasury Secretary Henry Paulson to inform him that it would neither seek nor accept any money under the Capital Purchase Program.
“Travelers does not require or intend to request any such assistance,” Chief Executive Jay Fishman said in a letter to Treasury Secretary Henry Paulson, adding that Travelers (NYSE:TRV) is “strong, resilient and well capitalized” and did not need the help 1 hour cash loans.
It also suggested that private market solutions should be found for other insurance companies that are interested in receiving government funding, so that federal funds could be preserved for “more acute problems.”
Filed under: technology by Finance Boss