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BUSINESS
November 18, 2003 | From Reuters
St. Paul Cos. on Monday agreed to buy larger rival Travelers Property Casualty Corp. for $16.4 billion in stock, creating the second-largest commercial property insurer in the country. The new company would have an unmatched presence among commercial line insurers in nearly half of all U.S. states, with more than $100 billion in assets and $15.6 billion in combined premiums. Only American International Group Inc. would be larger. The deal also represents a homecoming of sorts for St.
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BUSINESS
December 24, 2003
* Travelers Property Casualty Corp. and St. Paul Cos. won U.S. antitrust approval for their $16.5-billion merger to form the second-largest U.S. commercial insurer, the government said.
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BUSINESS
December 24, 2003
* Travelers Property Casualty Corp. and St. Paul Cos. won U.S. antitrust approval for their $16.5-billion merger to form the second-largest U.S. commercial insurer, the government said.
BUSINESS
November 18, 2003 | From Reuters
St. Paul Cos. on Monday agreed to buy larger rival Travelers Property Casualty Corp. for $16.4 billion in stock, creating the second-largest commercial property insurer in the country. The new company would have an unmatched presence among commercial line insurers in nearly half of all U.S. states, with more than $100 billion in assets and $15.6 billion in combined premiums. Only American International Group Inc. would be larger. The deal also represents a homecoming of sorts for St.
BUSINESS
June 4, 2002 | Reuters
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.
BUSINESS
October 31, 1995 | Times Staff and Wire Reports
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.
BUSINESS
October 12, 2001 | Bloomberg News
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.
BUSINESS
January 20, 1998 | From Bloomberg News
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.
BUSINESS
November 4, 1998 | From Times Wire Services
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.
NATIONAL
May 31, 2002 | From Associated Press
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.
BUSINESS
June 4, 2002 | Reuters
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.
NATIONAL
May 31, 2002 | From Associated Press
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.
BUSINESS
October 12, 2001 | Bloomberg News
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.
BUSINESS
November 4, 1998 | From Times Wire Services
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.
BUSINESS
January 20, 1998 | From Bloomberg News
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.
BUSINESS
October 31, 1995 | Times Staff and Wire Reports
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.
BUSINESS
December 1, 1985
P. Kenneth Nitz was appointed senior vice president for Los Angeles-based Swett & Crawford Group, a unit of the St. Paul Cos., St. Paul, Minn.
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