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The Travelers Cos. Inc. on Tuesday said Daniel S. Frey will become chief financial officer, effective Sept. 1, replacing Jay S. Benet, who has held the position since 2002.
Mr. Frey, who is based in Hartford, Connecticut, will also become executive vice president, Travelers said in a statement. He is currently CFO of the company’s personal insurance segment and has held several financial management roles over the past 15 years.
“I couldn’t be more pleased to have Dan as a partner as he joins our senior leadership team,” Chairman and CEO Alan Schnitzer said in a statement.
Mr. Benet will remain on the senior leadership team as vice chairman. He has been with Travelers for nearly 30 years. Mr. Benet will support Mr. Frey’s transition and then take on other responsibilities, including serving as a strategic adviser to the senior leadership team.
“Every milestone in the modern life of this company bears Jay Benet’s mark,” Mr. Schnitzer said. “I am deeply grateful for all that he has contributed to this company, and we are fortunate that he will continue to serve as a member of the senior leadership team.”
(Reuters) — Travelers Cos. Inc. plans to stick to its recent growth pace for sales of cyber insurance, which protects businesses against hacking and other liabilities, despite potential to boost it, as the insurer assesses risks in the segment, its head of specialty insurance said on Monday.