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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.
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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.
CALIFORNIA | LOCAL
October 26, 1989 | MYRON LEVIN, TIMES STAFF WRITER
Allegations of fraud and racketeering stemming from the staged robbery of a Newport Beach jeweler 10 years ago mirror those in a federal criminal investigation of Southland lawyers purportedly involved in an elaborate insurance fraud designed to produce maximum fees.
CALIFORNIA | LOCAL
October 26, 1989 | MYRON LEVIN, TIMES STAFF WRITER
Allegations of fraud and racketeering stemming from the staged robbery of a Newport Beach jeweler 10 years ago mirror those in a federal criminal investigation of Southland lawyers purportedly involved in an elaborate insurance fraud designed to produce maximum fees.
BUSINESS
January 16, 1991 | From Times Wire Services
Financially troubled USF&G Corp. said today it will eliminate 900 jobs to cut $42 million in costs. About 360 employees in the Baltimore headquarters and 540 people working in branches and branches of its subsidiaries will lose their jobs, the company said. The cuts, coming in all levels of the company, will save USF&G about $42 million and will involve one-time costs of about $7 million. The company said more cuts are expected as a realignment plan goes into effect. USF&G has assets of $13.
BUSINESS
October 3, 1992 | From Times Staff and Wire Reports
3rd Quarter Losses Likely for Many Insurance Companies: Battered by damage claims from hurricanes in Florida, Louisiana and Hawaii, property/casualty insurers may lose $2 billion in the third quarter--the first operating loss for the industry since the end of 1985, analysts said. Although big insurance companies such as Aetna Life & Casualty Co. and Chubb Corp. probably will eke out profits in the quarter ended Sept. 30, Cigna Corp., Continental Corp., Travelers Corp. and USF&G Corp.
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