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Tom Kunkel, president of bond and specialty for Travelers Cos. Inc., will retire in September and a member of his leadership team will be promoted to the position, Chairman and CEO Alan Schnitzer said in an earnings call Tuesday morning.
Mr. Kunkel, who has been with Travelers for 37 years, first starting with a predecessor of the New York-based insurer, has held his current position since 2005. He will be succeeded by Jeff Klenk, who is currently executive vice president of management liability, bond and specialty insurance for Travelers and has been with the insurer since 1999. He will be based in Hartford, Connecticut.
Mr. Klenk “is a proven leader and perfect candidate to take the reins from Tom,” Mr. Schnitzer said.
Travelers Cos. Inc. expects the environment for higher commercial insurance prices to continue as it reported an increase in first-quarter profit despite a record level of first-quarter catastrophe losses, the insurer’s executives said.