The St. Paul Companies has finalized a definitive agreement to purchase London Guarantee Insurance Company for $80 million. The transaction is expected to close within three to five months, after regulatory approval has been received and the appropriate closing conditions are secured.
London Guarantee, headquartered in Toronto, is a specialty property-liability insurance company employing 200 which is focused on providing surety products, and management liability, bond, and professional indemnity products. The company generated more than C$65 million in net written premiums in 2000, of which C$43 million were surety premiums, and C$19 million were financial and professional services premiums.
London Guarantee has a Best’s rating of A+ and it has had an average combined ratio of around 80 over the last several years.
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