June 4, 2002 |
Insurer St. Paul Cos. said it would pay nearly $1 billion, before tax and reinsurance recoveries, to settle litigation over asbestos coverage for Western Asbestos Co., which a St. Paul unit insured in the 1960s. St. Paul said the settlement--one of the largest agreed to by an insurer over asbestos--would cut earnings by about $380 million after tax and recovering reinsurance coverage from other firms. The St.
October 31, 1995 |
3 Major Insurers Contest Cigna Breakup Plan: Chubb Corp., American International Group and St. Paul Cos. said they have filed objections with Pennsylvania regulators over Philadelphia-based Cigna Corp.'s plan to split its property and casualty businesses into two companies--one healthy, the other a runoff with finite assets and uncertain environmental and asbestos liabilities. The insurers said the objections were filed in conjunction with several Cigna policyholders.
October 12, 2001 |
St. Paul Cos. named Jay S. Fishman, chairman and chief executive of Citigroup Inc.'s Travelers Insurance Group, to lead the business insurer as it contends with rising claims that have hurt profit. Fishman, 49, was chosen to serve as chairman and chief executive after a yearlong search to replace Douglas Leatherdale, 64, who is retiring. Fishman also served as one of two chief operating officers at Citigroup.
January 20, 1998 |
St. Paul Cos. said it will acquire USF&G Corp. for $3.5 billion in stock, creating the eighth-largest U.S. property-casualty insurance company. St. Paul said it will pay $22 a share for each share of USF&G stock, slightly above Friday's closing price of $21.44. The St. Paul, Minn.-based insurance company also said it will take a restructuring charge of $300 million to $500 million this year for the acquisition.
November 4, 1998 |
Home equity lender FirstPlus Financial Group Inc. said Tuesday that third-quarter earnings plunged 70%. The company also told investors and analysts in a conference call that it faces hurdles before it can close an agreement to sell off key portions of its business to Coast-to-Coast Financial Corp.--a sale that's essential to its survival. "If the Coast-to-Coast deal, which is dependent on financing, isn't completed, they're going to be out of business," said Michael Abrahams at Sutro & Co.
May 31, 2002 |
The state attorney general has submitted a complaint against insurer St. Paul Cos., alleging unlawful business practices in yanking medical malpractice insurance policies held by Nevada doctors. The complaint requires St. Paul to tell a hearing officer named by the state Insurance Division why the company shouldn't face disciplinary action. The complaint provided to Insurance Commissioner Alice A.