US primary insurer Travelers has announced plans to accelerate more than $100 million in commission payments to eligible distribution partners, building on the company’s COVID-19 relief efforts.
Travelers explained that the distribution support plan will speed up payments for agents and brokers to help them address the liquidity impacts of the COVID-19 crisis.
“As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker partners, many of whom are small business owners, our support at this challenging time,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers.
“Independent agents and brokers not only provide invaluable counsel and care to our customers but also play a critical role in the U.S. economy, and we are committed to standing by them,” he added.
Bob Rusbuldt, President and Chief Executive Officer of the Independent Insurance Agents & Brokers of America, also commented: “Travelers has always been the premier supporter of independent agents and brokers, and the Travelers Distribution Support Plan takes that support to a whole new level. We want to thank Travelers for their continued industry leadership.”
The commissions being accelerated were accrued in the ordinary course of business during the quarter ended March 31, 2020, and are not expected to have a significant impact on the Travelers’ results.