You are here:HomeNews CenterInsurance News2009Travelers Replaces Citigroup in Dow 30

Travelers Replaces Citigroup in Dow 30

In another sign of a change in the financial landscape, Dow Jones & Co. announced that effective June 8, 2009, The Travelers Companies, Inc. is...
June 9, 2009

In another sign of a change in the financial landscape, Dow Jones & Co. announced that effective June 8, 2009, The Travelers Companies, Inc. is taking the place of Citigroup, Inc. in the Dow Jones Industrial Average.

Robert Thomson, managing editor of The Wall Street Journal and editor-in-chief for all of Dow Jones said the addition of Travelers to the index helps restore financial industry representation that was lost when American International Group, Inc. (AIG) was removed. "The selection of Travelers, a property and casualty insurance company, is intended to restore the financials industry to full representation in The Dow," Thomson said.

What It Means to Agents:  This is yet more fallout from the financial services meltdown. It is significant that a major multinational bank, Citi, is being replaced by Travelers, a major insurance company. As we have noted since last year, the insurance sector has remained strong during the financial crisis. This is additional evidence of that fact.