The St. Paul Companies announced that its wholly owned subsidiary, St. Paul Fire and Marine Insurance Company, has completed the sale of Fidelity and Guaranty Life Insurance Company (F&G Life), a life, annuity and structured settlements company based in Baltimore, Md., to Old Mutual plc, a London-based international financial services company.
Under the terms of the agreement announced April 26, 2001, Old Mutual purchased F&G Life for Old Mutual stock valued at $300 million and $335 million in cash.
The St. Paul Companies, headquartered in Saint Paul, Minn., provides commercial property-liability insurance and non-life reinsurance worldwide. The St. Paul reported 2000 revenue from continuing operations of $8 billion, total assets of $35.5 billion, and is ranked No. 222 on the Fortune 500 list of largest U.S. companies.