St. Paul Delays Platinum IPO

July 11, 2002

The ongoing stock market chaos and depressed share prices have led the St. Paul Companies to announce a delay in the launch of the initial public offering of shares in Platinum Underwriters Holdings, Ltd., the Bermuda-based company set up to take over the St. Paul’s reinsurance operations.

The company said only that the offering, which has already been filed with the Securities and Exchange Commission, had been “postponed due to current capital market conditions.” It added that it intends to complete the transaction, “as market conditions allow.”

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