St. Paul Travelers Sells E-S Biz, Promotes Benet

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The St. Paul Travelers Companies Inc. announced it has named JayS. Benet vice chairman and is selling its excess surplus linesbusiness for an undisclosed amount.

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Mr. Benet, 53, the company said, will add that title and keephis position as chief financial officer.

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The St. Paul, Minn.-based company said it plans to sell itsCATRisk operation, the company's monoline earthquake and excess andsurplus personal lines property unit which operates under theGeoVera, Pacific Select Property and USF&G Specialtybrands.

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St. Paul Travelers said the CATRisk operation is to be acquiredby a newly created holding company, established by affiliates ofthe private equity investment firms Friedman Fleischer & Lowe,LLC, and Hellman & Friedman, LLC.

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Terms of the deal were not released.

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The company said it expects the transaction to be completed inthe fourth quarter of 2005, pending regulatory approval.

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It further said the sale would not impact the company's businessand added that the transaction does not affect the company'songoing personal lines business operating under the Travelersbrand.

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Mr. Benet joined Travelers Property Casualty as CFO in 2002 andcontinued serving in that position when the company merged with TheSt. Paul in 2004. Previously, he served 12 years in variousexecutive positions with Citigroup and with Travelers Life &Annuity.

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