FWP

FWP 1 d162470dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Registration No. 333-287779

LOGO

$750,000,000 4.950% Senior Notes due 2031

PRICING TERM SHEET

July 21, 2026


Issuer:		The Travelers Companies, Inc.

Title of Securities:		4.950% Senior Notes due 2031

Security Type:		Senior Unsecured Notes

Legal Format:		SEC Registered

Expected Ratings:*		Moody’s: A2 (stable) / S&P: A (stable) / Fitch: A (stable)

Aggregate Principal Amount:		$750,000,000

Maturity Date:		July 24, 2031

Trade Date:		July 21, 2026

Settlement Date (T+3):		July 24, 2026

Public Offering Price:		99.978% of the principal amount

Coupon:		4.950%

Interest Payment Dates:		January 24 and July 24, commencing January 24, 2027

Benchmark Treasury:		4.125% due June 30, 2031

Benchmark Treasury Price / Yield:		98-28 ³⁄₄; 4.375%

Re-offer Spread to Benchmark Treasury:		58 bps

Yield to Maturity:		4.955%

Optional Redemption:

Make-Whole Call:		Treasury Rate plus 10 bps (prior to June 24, 2031)

Par Call:		On or after June 24, 2031 (one month prior to maturity)

CUSIP / ISIN:		89417E AV1 / US89417EAV11

Joint Book-Running Managers:		Barclays Capital Inc.
		BofA Securities, Inc.
		Citigroup Global Markets Inc.
		J.P. Morgan Securities LLC
		Wells Fargo Securities, LLC

Co-Managers:		TD Securities (USA) LLC
		Truist Securities, Inc.
		BNY Mellon Capital Markets, LLC
		Goldman Sachs & Co. LLC
		HSBC Securities (USA) Inc.
		Morgan Stanley & Co. LLC
		U.S. Bancorp Investments, Inc.
		Academy Securities, Inc.

It is expected that delivery of the notes will be made against payment therefor on or about July 24, 2026, which is the third business day following the date hereof (such settlement cycle being referred to as “T+3”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the first business day before the delivery of the notes will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the notes who wish to trade the notes prior to the first business day before the delivery of the notes should consult their own advisors.

Note: An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the notes should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Barclays Capital Inc. toll-free at 1-888-603-5847, BofA Securities, Inc. toll-free at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.

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