“As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker partners, many of whom are small business owners, our support at this challenging time,” Travelers Chairman and Chief Executive Officer said in a press release Alan Schnitzer. “Independent agents and brokers not only provide invaluable counsel and care to our customers but also play a critical role in the U.S. economy, and we are committed to standing by them.”
The company said it intends to accelerate more than $100 million in commission payments to eligible agents and brokers. These commissions were accrued in the course of conducting routine business during the first quarter of 2020.
The Independent Insurance Agents & Brokers of America issued a statement in support of the plan. “The Travelers Distribution Support Plan takes (agent and broker) support to a whole new level,” IIABA President and CEO Bob Rusbuldt said in a press release.