Gulf Group Concludes Trident Investment Transaction

August 6, 2002

Gulf Insurance Group, a subsidiary of Travelers Property Casualty, has completed the previously announced investment transaction with Trident II, L.P.

A private equity fund, managed by MMC Capital, Trident will invest $125 million in the company in exchange for convertible preferred stock and notes. This increase in Gulf’s capital base will allow the company to expand its underwriting and marketing efforts at a time when the market for specialty lines presents significant opportunities.

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