The St. Paul Travelers Companies, Inc. today announced that the company has reached a definitive agreement to sell its CATRisk operation, the company’s monoline earthquake and excess and surplus personal lines property unit which operates under the GeoVera, Pacific Select Property and USF&G Specialty brands.
The CATRisk operation is to be acquired by a newly created holding company, established by affiliates of the private equity investment firms Friedman Fleischer & Lowe, LLC and Hellman & Friedman LLC.
Pending regulatory approval, the agreement contemplates a transaction in the fourth quarter of 2005. The sale is not anticipated to have an impact on St. Paul Travelers’ business going forward, and the gain on the transaction is expected to be immaterial to the company. The transaction does not affect the company’s ongoing Personal Lines business operating under the Travelers brand.
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