St. Paul Cos. Inc. and Travelers Property Casualty Corp. announced that they have received all required regulatory and shareholder approvals for the previously announced merger of the companies.
The companies intend to close the transaction on April 1, 2004. The common shares of St. Paul Travelers will be traded under the New York Stock Exchange symbol STA.
Eleven states, federal authorities and shareholders of the two companies have approved the deal as required.
Travelers and all of its subsidiaries will survive as wholly-owned subsidiaries of St. Paul. The new company will be known as St. Paul Travelers. It will have combined assets, premiums and shareholders’ equity of $109 billion, $14.5 billion and $20.2 billion respectively. The new company will rank second in domestic commercial lines property casualty lines and fifth overall among domestic property casualty insurers. It will be among the top three commercial insurers in 40 states and D.C.
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