St. Paul-Travelers To Merge April 1st
By Michael Ha
NU Online News Service, March 29, 11:44 a.m. EST?The St. Paul Companies Inc. and Travelers Property Casualty Corp. said they are on track to complete their merger by April 1.[@@]
The two companies said this morning they have received all required regulatory and shareholder approvals for the merger. The St. Paul and Travelers needed regulatory approvals from 11 states for the deal. Shareholders of The St. Paul, based in St. Paul, Minn., and Hartford, Conn.-based Travelers voted to approve the merger on March 19.
Joan Palm, a St. Paul representative, told National Underwriter that the consolidation process is on track and that the closing date is in line with the timeline previously forecast by the companies.
"We had said we wanted to close the merger transaction in the second quarter, and we are going to be closing on the first day of the second quarter," Ms. Palm said.
When the merger is completed, The St. Paul Travelers Companies, to be based in St. Paul, will be the second-largest U.S. insurer in commercial lines, with a 7.6 percent national market share, second only to the New York-based American International Group, which commands 8.8 percent.
The common shares of the new insurance giant, The St. Paul Travelers Companies, will be traded under the New York Stock Exchange symbol "STA".
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