Exhibit 10.22





     PERSONAL & CONFIDENTIAL
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     November 15, 1994

     Mr. Michael A. Carpenter
     134 Otter Rock Drive
     Greenwich, Connecticut 06830

     Dear Mike:

     We are delighted that you will be joining The Travelers ("Travelers").  The
     purpose of this letter is to set forth our mutual understanding of the
     terms and conditions of your employment by Travelers.

     1.   Employment.  Travelers hereby employs you, and you hereby accept
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          employment, upon the terms and conditions specified in this letter
          agreement, effective January 1, 1995.

     2.   Term. Your employment is not for any specific term and may be
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          terminated by you, or by Travelers, at any time, with or without
          cause.

     3.   Compensation.
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          (a)  Base Salary.  Travelers will pay you a base salary at a rate of
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               Six Hundred Thousand Dollars ($600,000) per year (the "Base
               Salary"), to be paid in accordance with the customary payroll
               practices of Travelers.

          (b)  Bonus.  In addition to the Base Salary, with respect to  each
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               calendar year of the Employment Term, you will be eligible for a
               bonus, the amount of which will be determined by the Compensation
               Committee of the Board of Directors of Travelers in its
               discretion.  Notwithstanding the foregoing, with respect to the
               first calendar year of your employment, the amount of the bonus
               will be not less than Six Hundred Thousand Dollars ($600,000)
               (the "Guaranteed Bonus"); while this is the minimum for the first
               year, there is the opportunity for substantial improvement in
               this amount, depending upon your performance and that of the
               businesses.  In each instance, Travelers will pay you the bonus
               consistent with its customary practices but no later than
               February 1 of the next succeeding calendar year, commencing
               February 1, 1996. 









Mr. Michael A. Carpenter
Page Two
November 15, 1994


          (c)  The Base Salary and bonus provided for in Paragraphs 3(a) and
               3(b) will be paid in cash and restricted stock in accordance with
               the Travelers Capital Accumulation Plan, as in effect from time
               to time.   

4.   Duties.  You will be engaged as an Executive Vice President of Travelers,
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     with responsibility for business development and planning.  You will also
     serve as Chairman and Chief Executive Officer of Travelers Life Insurance
     Company and as a member of the Travelers Planning Group.

5.   Extent of Service.  You will devote your attention and energies on a full-
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     time basis to the business of Travelers and to the discharge of your duties
     provided that this requirement shall not preclude you from devoting
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     reasonable periods of time which do not interfere with the performance of
     your duties hereunder required for serving as a director of any
     organization involving no conflict of interest with Travelers or its
     affiliates or engaging in charitable or community activities. You will
     render your services hereunder to the best of your ability and will use
     your best efforts to promote the interests of Travelers.

6.   Working Facilities.  You will be furnished with office facilities and
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     services suitable to your position as an Executive Vice President and
     adequate for the performance of your duties.

7.   Expenses.  You will be reimbursed for ordinary and necessary expenses for
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     entertainment, travel and similar items, consistent with such policies as
     may from time to time be established by the Board of Directors.

8.   Insurance and Other Employee Benefits.  You will be entitled to participate
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     in any insurance coverage maintained by Travelers for the benefit of all
     employees and in any retirement, profit-sharing, pension, disability, group
     insurance (including medical, dental and life), death benefit or other
     employee benefit programs maintained by Travelers.  You will be entitled to
     vacation in accordance with Travelers' prevailing policy for its senior
     executives and at times consistent with the reasonable needs of the
     business.

9.   Stock Option Grant.  As further consideration for your obligations
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     contained herein, Travelers will grant to you, effective as of the first
     day of the Employment Term, an option (the "Option") to purchase One
     Hundred Seventy Five Thousand (175,000) shares of common stock of Travelers
     at the market price at the close of the market on the business day next
     preceding the first day of the Employment Term, as reported in The Wall
     Street Journal, in accordance with the provisions of the Travelers Stock
     Option Plan. 

10.  Confidentiality.  You agree that during and after your Employment Term,
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     you will hold confidential all proprietary or confidential information of
     Travelers and that, upon termination of the Employment Term, you will
     return all proprietary or confidential materials of Travelers and not
     retain any copies thereof.








Mr. Michael A. Carpenter
Page Three
November 15, 1994


11.  Other.  This letter agreement incorporates all of the terms of our offer
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     of employment to you.  Any dispute concerning the provisions of your
     employment shall be resolved by arbitration in accordance with the
     provisions of the Travelers Employment Arbitration Policy, as in effect
     from time to time.

Mike, we are very excited about you joining our organization.  Please indicate
your agreement by signing on the line indicated below.

                                                  Very truly yours,
                                                  THE TRAVELERS INC.

                                                  By: /s/ Charles O. Prince, III
                                                      --------------------------
                                                  Charles O. Prince, III
                                         
          AGREED:
          /s/ Michael A. Carpenter
          ___________________________________
          Michael A. Carpenter

          Dated:  November 22, 1994