St. Paul Fire and Marine Sells Unit to London’s

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.

Topics Mergers & Acquisitions London