The distribution of shares, completed yesterday, leaves Citigroup with less than 10 percent interest in the insurer and allows the company to be "more visible than when it was with Citigroup," Mr. Lipp said. He added, "We can set our own priority."

Citigroup was created in a mega-merger deal in 1998 involving portions of Travelers. Travelers p-c became a wholly owned entity of Citigroup in 2000.

However, some elements of the former company will remain with the financial institution that began the spin-off process back in March. Citigroup keeps the red umbrella, long a symbol of the insurer that was established back in 1863, and the life insurance business.

However, Mr. Lipp noted, p-c business has always been a priority for the insurer and its newfound independence will allow it to concentrate in the insurance area it has continued to excel in.

The company's successful distribution system, which depends primarily on independent agents, will not change, he said.

Over the next five years, Travelers' will be faced with the challenge of maintaining the same level of service and relationships customers and agents have enjoyed for years, Mr. Lipp observed.

At the same time, the company needs to maintain the same quality underwriting it has in the past and continue to know when to stay away from inappropriate risks.

The company will be challenged by the same risks as other insurers, such as asbestos, mold and terror, Mr. Lipp continued, but he did not see Travelers' exposure as any more than other insurers.

"I think we all have our share," observed Mr. Lipp. "I wish we had less than all other [insurers], but I do not think we have more than anyone else. We will need to work with other industries to find industry solutions to these issues in the future and I think we can be successful."

Travelers is one of a group of insurers currently in litigation over property coverage the insurers wrote for the World Trade Center towers.

The insurers, led by Swiss Re, contend the attack constitutes one occurrence, while the tower's lease holder, Larry A. Silverstein contends it is two incidents and that he is entitled to more than $7 billion. Insurers say he is entitled to only a $3.5 billion payment.

The company is also looking at what it has estimated to be $240 million in asbestos exposure claims in a settlement with PPG Industries announced in May. Other claims could be pending in the future.

Commenting on the spin-off, Mr. Lipp said that after getting over the initial shock of the announcement in December, employees see this as an opportunity.

"People are excited," Mr. Lipp observed. "Now that we are a public company and independent, we have our destiny very much in our own hands, and it has been more fun than I thought. People are reacting well to it."

A step in that newfound independence will be developing a new logo to replace the umbrella. The company is running a contest for employees and their family for suggestions. The company must give up the umbrella officially by 2004.