(Bloomberg) -- Alan Schnitzer, the new chief executive officer of insurer Travelers Cos., called on U.S. lawmakers to reduce corporate taxes or risk harming business in country.
“We continue to see the U.S. corporate income tax rate — the highest of any industrialized nation — as encouraging insurers to shift capital offshore, ultimately harming the U.S. economy,” Schnitzer said Friday in his first annual letter as CEO of the New York-based insurer. “Ensuring that U.S. companies remain competitive should be a priority for Congress.”
The remarks build on the case by his predecessor Jay Fishman, who led Travelers since the late 1990s and stepped down in December because of his health. Fishman lamented in September that Bermuda has become the favored destinations for insurance startups over the past 15 years. The acquisition this year of Warren, New Jersey-based Chubb Corp. by Switzerland’s Ace Ltd. marked another shift in the U.S. industry.
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