8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 22, 2008

The Travelers Companies, Inc.

(Exact name of registrant as specified in its charter)

Minnesota	001-10898	41-0518860
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

385 Washington Street Saint Paul, Minnesota	55102
(Address of principal executive offices)	(Zip Code)

(651) 310-7911

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition

On January 22, 2008, The Travelers Companies, Inc. (the “Company”) released information regarding the high quality of its municipal bond investment portfolio.  The information is furnished as Exhibit 99.1 to this Report and is hereby incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibit contained in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit	Description
99.1	Information regarding the high quality of the Company’s municipal bond investment portfolio (This exhibit is furnished and not filed.)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:        January 22, 2008	THE TRAVELERS COMPANIES, INC.
	By:	/s/ Bruce A. Backberg
		Name:  Bruce A. Backberg
		Title:    Senior Vice President

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EXHIBIT INDEX

Exhibit	Description
99.1	Information regarding the high quality of the Company’s municipal bond investment portfolio (This exhibit is furnished and not filed.)

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EX-99.1

Exhibit 99.1

Municipal Bond Portfolio 

1 The overall credit quality of our entire municipal bond portfolio of $38.8 billion is between AAA and AA+. Insurance enhanced municipal bonds represent $14.1 billion, or 36%, of our entire municipal bond portfolio. The overall credit quality of our insured municipal bond portfolio giving no effect to the insurance enhancement is AA-. • 96% of underlying ratings are A- or better • 76% of underlying ratings are AA- or better Based upon observed spreads between municipal bonds rated AAA and those with lower ratings, and the composition of our insured bonds, it is our view that if the insurance provided by the monoline insurers ceased to exist, the aggregate mark-to-market impact on us would be immaterial. Although it is difficult to generalize about a portfolio with approximately 7,000 discrete securities, we believe such an event would have an; or • Immaterial impact on financial condition – changes to unrealized gains / (losses) are reported in other comprehensive income (OCI) and not the income statement. • Immaterial impact on income statement – due to underlying credit strength of the municipal issuers in our portfolio along with our ability and intent to hold the securities. • Immaterial impact on regulatory and rating agency capital requirements. Municipal Bond Portfolio (as of December 31, 2007)

2 Municipal Bond Portfolio ($ in millions) 1 Includes bonds without insurance and bonds that are pre-refunded or escrowed to maturity. 2 Includes $458 million of insured bonds without underlying ratings, which are considered to be investment grade; a BBB- rating is applied to these holdings, which the company believes to be a conservative estimate. 3 Reflects the weighted average of the bond ratings (AAA- equates to an average between AAA and AA+). Average Credit Rating 12/31/2007 Market Value 12/31/2007 Percent of Total Municipals Unrealized Gain 12/31/2007 Uninsured Bonds 1 AAA-3 24,727 $ 64% 493 $ Insured Bonds2 AAA 14,095 36% 218 Without Insurance AA- Total AAA- 38,822 $ 100% 711 $ Without Insurance AA+ percent of total fixed maturities portfolio 60%

3 Insured Rating of Municipal Bond Portfolio (as of December 31, 2007) ($ in millions) Uninsured Bonds (incl. Insured ETM or Pre-refunded) Insured Bonds (excl. ETM or Pre-refunded) Underlying Rating of Insured Bonds Total Bonds (with Insured Rating) Rating Market Value Market Value (%) Rating Market Value Market Value (%) Rating Market Value Market Value (%) Rating Market Value Market Value (%) Rating Market Value Market Value (%) AAA1 12,705 $ 51.4% AAA 14,093 $ 100.0% AAA 192 $ 1.4% AAA 26,798 $ 69.0% AAA 12,897 $ 33.2% AAA-2 2,820 11.4% AAA-2 - 0.0% AAA-2 - 0.0% AAA-2 2,820 7.3% AAA-2 2,820 7.3% AA+ 4,132 16.7% AA+ - 0.0% AA+ 1,313 9.3% AA+ 4,132 10.6% AA+ 5,445 14.0% AA 3,384 13.7% AA - 0.0% AA 5,273 37.4% AA 3,384 8.7% AA 8,657 22.3% AA- 927 3.7% AA- 2 0.0% AA- 3,939 27.9% AA- 929 2.4% AA- 4,866 12.5% A+ 436 1.8% A+ - 0.0% A+ 1,903 13.5% A+ 436 1.1% A+ 2,339 6.0% A 72 0.3% A - 0.0% A 715 5.1% A 72 0.2% A 787 2.0% A- 20 0.1% A- - 0.0% A- 201 1.4% A- 20 0.1% A- 221 0.6% BBB+ 50 0.2% BBB+ - 0.0% BBB+ 34 0.2% BBB+ 50 0.1% BBB+ 84 0.2% BBB 30 0.1% BBB - 0.0% BBB 23 0.2% BBB 30 0.1% BBB 53 0.1% BBB- 64 0.3% BBB- - 0.0% BBB- 24 0.2% BBB- 64 0.2% BBB- 88 0.2% BB+ 1 0.0% BB+ - 0.0% BB+ 20 0.1% BB+ 1 0.0% BB+ 21 0.1% BB - 0.0% BB - 0.0% BB - 0.0% BB - 0.0% BB - 0.0% BB- - 0.0% BB- - 0.0% BB- - 0.0% BB- - 0.0% BB- - 0.0% B+ - 0.0% B+ - 0.0% B+ - 0.0% B+ - 0.0% B+ - 0.0% B - 0.0% B - 0.0% B - 0.0% B - 0.0% B - 0.0% B- 3 0.0% B- - 0.0% B- - 0.0% B- 3 0.0% B- 3 0.0% CCC - 0.0% CCC - 0.0% CCC - 0.0% CCC - 0.0% CCC - 0.0% NR3 83 0.3% NR - 0.0% NR4 458 3.2% NR 83 0.2% NR 541 1.4% AAA- 24,727 $ 100.0% AAA 14,095 $ 100.0% AA- 14,095 $ 100.0% AAA- 38,822 $ 100.0% AA+ 38,822 $ 100.0% Total Bonds (with Underlying Rating) (1) (2) (3) (1) + (2) (1) + (3) 2 Reflects bonds where ratings are split among agencies. 1 Includes $2,288 of insured escrowed to maturity and pre-ref unded bonds. 3 Average internal (TRV) rating is A+. 4 Includes insured bonds without underlying ratings, which are considered to be investment grade; a BBB- rating is applied to these holdings, which the company believes to be a conservative estimate.

4 These materials contain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding our municipal bond investment portfolio. Such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied by, the forward looking information. These risks and uncertainties include a significant increase in the interest rate environment, changes in regulatory or rating agency capital requirements and significant and adverse changes in the creditworthiness of corporate or municipal issuers of debt or the market for such debt. Our forward-looking statements speak only as of the date they are made, and we undertake no obligation to update forward-looking statements. Forward Looking Statement