2008-07-25 23:25:05 -

- The Travelers Companies, Inc. ("Travelers,") (NYSE: TRV) mourns the loss of Carl B. Drake, Jr., former Chairman of The St. Paul Companies, Inc. from 1977-1984, who passed away on July 24 in St. Paul, Minn. He was 89 years old.

"Carl's distinguished leadership has left an indelible mark on our company," said Jay Fishman, Travelers chairman and chief

executive officer. "All who knew Carl remember him for his integrity, courage, strong convictions and for his many business and community achievements. Carl was a good friend of the company and a good friend of the community."

Drake began his career with The St. Paul by working summers while in college. In 1941, he started full time with the automobile underwriting department. After serving in World War II, Drake held various field and underwriting leadership positions with the company before being elected secretary in 1960. He became president of St. Paul Fire and Marine in 1969 and then was elected president and chief executive officer of The St. Paul Companies in 1973. Four years later, Drake was elected chairman. In 1978, he relinquished the presidency but continued as chairman and chief executive officer.

In 1984, Drake retired from the position of chairman and CEO but remained on the board of directors as vice chairman. As vice chairman, Drake was an active member on the boards of several research, educational, charitable and corporate institutions. He retired from The St. Paul's board in 1987 but maintained a close association with the company and periodically visited our headquarters.

The St. Paul Companies, Inc. merged with Travelers Property Casualty Corp. in 2004 and the combined company is now known as The Travelers Companies, Inc.

The Travelers family extends its deepest, heartfelt condolences to Mr. Drake's family.

The Travelers Companies, Inc.
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Jennifer Wislocki, 860-277-7458
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Jennifer Bagdade, 651-310-2883