Travelers Targets $140 Million of Cost Savings in Auto by 2015

Travelers Cos., the lone property insurer in the Dow Jones Industrial Average, said it is targeting $140 million in annual cost reductions at an auto unit amid competition that is pressuring profit margins.

The plan is expected to be fully implemented in 2015 and will result in $16 million of costs, $10 million of which will count against earnings in the three months ending Sept. 30, the New York-based insurer said today in a regulatory filing.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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