SAINT PAUL, Minn. & HARTFORD, Conn., Dec 2, 2003 (BUSINESS WIRE) -- The St. Paul Companies, Inc. (NYSE:SPC) and Travelers Property
Casualty Corp. (NYSE:TAP.A and TAP.B) today announced several
appointments for the combined organization, to be known as The St.
Paul Travelers Companies. The following appointments will become
effective with the completion of the merger, which is anticipated to
close during the second quarter of 2004.
Jay S. Benet, 51, has been named Executive Vice President and
Chief Financial Officer. Mr. Benet has served in this position at
Travelers since its initial public offering in 2002. His previous
experience includes serving as worldwide leader of financial planning,
analysis and reporting at Citigroup and chief financial officer for
Citigroup's Global Consumer Europe, Middle East and Africa unit. Prior
to that, he served 10 years in various executive positions with
Travelers Life & Annuity and was a partner of Coopers & Lybrand (now
Andy F. Bessette, 50, has been named Executive Vice President and
Chief Administrative Officer. Mr. Bessette has been with The St. Paul
since January 2002 where he serves in this capacity. Prior to joining
The St. Paul, he was Vice President of Corporate Real Estate and
Services for Travelers. During his more than 20 years at Travelers,
Mr. Bessette held a number of management positions. He began his
career at The Sheraton Corporation in 1977.
William A. Bloom, 39, has been named Senior Vice President and
Chief Information Officer. Mr. Bloom recently joined Travelers in that
position from Accenture, where he was a partner in the Financial
Services Practice. Previously, he served as Vice President at Hartford
Life, responsible for National Accounts in the Employee Benefits
Thomas A. Bradley, 46, currently Executive Vice President and
Chief Financial Officer for The St. Paul, will report to Jay Benet.
Mr. Bradley's responsibilities will include a wide range of
finance-related activities, including financial reporting for the
combined organization. Mr. Bradley has served as Chief Financial
Officer of The St. Paul since 2001. He joined The St. Paul in 1998,
following the company's merger with USF&G.
John P. Clifford, 47, has been named Senior Vice President of
Human Resources. Mr. Clifford has been Senior Vice President of Human
Resources for The St. Paul since early 2002. Mr. Clifford joined The
St. Paul in 1984 and served in a number of Human Resources management
positions, including Vice President of Compensation & Benefits.
Irwin R. Ettinger, 64, has been named Vice Chairman. Mr. Ettinger
joined Travelers as Vice Chairman in June 2002. Previously, Mr.
Ettinger served as the Chief Accounting and Tax Officer for Citigroup
from 1998 to 2002 and held other positions of increasing
responsibility there since 1987. He was a partner of Arthur Young &
Co. (now Ernst & Young) for 18 years.
William H. Heyman, 55, has been named Executive Vice President and
Chief Investment Officer. Mr. Heyman was named Executive Vice
President and Chief Investment Officer of The St. Paul in April 2002.
He previously served as Chairman of Citigroup Investments and before
that was a managing director and head of the private investment
department of Salomon Brothers; Director of the Division of Market
Regulation of the U.S. Securities and Exchange Commission in
Washington, D.C. and a managing director and head of the arbitrage
department of Smith Barney.
Samuel G. Liss, 47, has been named Executive Vice President of
Strategic Development. Mr. Liss joined The St. Paul as Executive Vice
President of Business Development in February 2003. Mr. Liss served as
an advisor to The St. Paul on its strategic exit from reinsurance and
the formation of Platinum Underwriters Ltd. in 2002. Previously, he
was a managing director at Credit Suisse First Boston from 1994 to
2001. There, he served in a senior investment banking relationship,
advisory and execution role in CSFB's Financial Institutions Group,
including leadership of its asset management industry practice. From
1980 to 1994, he was a senior analyst at Salomon Brothers.
John A. MacColl, 55, has been named Vice Chairman and General
Counsel. Mr. MacColl has been General Counsel for The St. Paul since
1999 and additionally was named Vice Chairman and elected to The St.
Paul's board of directors in May 2002. Mr. MacColl joined The St. Paul
in 1998, following the company's merger with USF&G, where he served as
Executive Vice President of Human Resources and General Counsel. Mr.
MacColl has 14 years of prior legal experience with Piper & Marbury
(now Piper Rudnick) in Baltimore and with the U.S. Attorney's office
Maria Olivo, 38, has been named Executive Vice President of
Financial Planning & Analysis and Investor Relations. Ms. Olivo has
served in this capacity at Travelers since June 2002. A certified
financial analyst, she joined Travelers from Swiss Re Capital
Partners, where she was a managing director involved in Strategic
Investments and Corporate Development from 2000 to 2002. Prior to
that, she was a director at Salomon Smith Barney, where she worked on
numerous initial public offerings, mergers and acquisitions and public
Kent D. Urness, 55, will continue in his role as Chief Executive
Officer of The St. Paul's International Insurance Operations,
including The St. Paul at Lloyd's. Mr. Urness joined The St. Paul in
1971 and subsequently held several management positions in the United
States before being named Managing Director of St. Paul International
Insurance Co. Ltd. in London in 1992.
"I am pleased that we are continuing to move ahead in building the
proposed management team that will lead our combined organization,"
said Jay S. Fishman, Chairman and Chief Executive Officer of The St.
Paul, who will serve as Chief Executive Officer of the combined
organization. "This group of individuals is representative of the
strength and depth of the management teams of each company."
Robert I. Lipp, Chairman and Chief Executive Officer of Travelers,
who will serve as Chairman of the combined organization, said, "One
key benefit of our merger is the opportunity to build on our
respective organizational strengths. Given the companies' compatible
cultures and successful track records in integrating operations, our
planning process will allow us to move quickly after the merger
On Nov. 17, The St. Paul and Travelers announced a definitive
merger agreement that will create the nation's second largest
commercial insurer, to be known as The St. Paul Travelers Companies.
The combined company will be a leading provider of property and
casualty insurance products distributed through independent agents and
brokers and one of the largest financial services companies in the
About The St. Paul Companies
The St. Paul Companies is headquartered in Saint Paul, Minnesota,
and provides commercial property and liability insurance and asset
management services. The St. Paul reported 2002 revenue from
continuing operations of $8.92 billion and total assets of $39.96
billion. For more information about The St. Paul, see www.stpaul.com.
About Travelers Property Casualty Corp.
Travelers Property Casualty Corp. (NYSE:TAP.A. and TAP.B) is a
leading provider of a wide range of insurance products. Travelers is
the second largest writer of homeowners and auto insurance through
independent agents. Travelers is the third largest commercial lines
insurer, providing a broad range of insurance products. For more
information on Travelers products, see www.travelers.com.
This release contains certain forward-looking information about
Travelers Property Casualty Corp. ("Travelers"), The St. Paul
Companies, Inc. ("The St. Paul") and the combined company after
completion of the transactions that are intended to be covered by the
safe harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
are statements that are not historical facts. Words such as "expect",
"feel", "believe", "will", "may", "anticipate", "plan", "estimate",
"intend", "should" and similar expressions are intended to identify
forward-looking statements. These statements include, but are not
limited to, financial projections and estimates and their underlying
assumptions; statements regarding plans, objectives and expectations
with respect to future operations, products and services; and
statements regarding future performance. Such statements are subject
to certain risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Travelers and The St.
Paul, that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements.
Some other risks and uncertainties include, but are not limited
to: those discussed and identified in public filings with the
Securities and Exchange Commission (the "SEC") made by Travelers and
The St. Paul; the inability to obtain price increases due to
competition or otherwise; losses due to foreign currency exchange rate
fluctuations and losses in investment portfolios, which could be
adversely impacted by adverse developments in U.S. and global
financial markets, interest rates and rates of inflation; weakening
U.S. and global economic conditions; insufficiency of, or changes in,
loss reserves; the occurrence of catastrophic events, both natural and
man-made, including terrorist acts, with a severity or frequency
exceeding our expectations; exposure to, and adverse developments
involving, environmental claims and related litigation; the impact of
claims related to exposure to potentially harmful products or
substances, including, but not limited to, lead paint, silica and
other potentially harmful substances; adverse changes in loss cost
trends, including inflationary pressures in medical costs and auto and
home repair costs; developments relating to coverage and liability for
mold claims; the effects of corporate bankruptcies on surety bond
claims; adverse developments in the cost, availability and/or ability
to collect reinsurance; the ability of our subsidiaries to pay
dividends to us; adverse outcomes in legal proceedings; judicial
expansion of policy coverage and the impact of new theories of
liability; the impact of legislative actions, including federal and
state legislation related to asbestos liability reform; larger than
expected assessments for guaranty funds and mandatory pooling
arrangements; a downgrade in claims-paying and financial strength
ratings; the loss or significant restriction on the ability to use
credit scoring in the pricing and underwriting of policies; amendments
and changes to the risk-based capital requirements; the ability to
achieve the cost savings and synergies contemplated by the proposed
merger; the effect of regulatory conditions, if any, imposed by
regulatory agencies; the reaction of Travelers' and The St. Paul's
customers and policyholders to the transaction; the ability to
promptly and effectively integrate the businesses of Travelers and The
St. Paul; and diversion of management time on merger-related issues.
Readers are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date hereof.
Neither Travelers nor The St. Paul undertakes any obligation to
republish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Readers are also urged to carefully review and
consider the various disclosures in Travelers' and The St. Paul's
various SEC reports, including but not limited to Annual Reports on
Form 10-K for the year ended December 31, 2002 and Quarterly Reports
on Form 10-Q for the reporting periods of 2003.
SOURCE: The St. Paul Companies, Inc.
For The St. Paul Companies, Saint Paul
Shane Boyd, 651-310-3846
Joan Palm, 651-310-2685
Laura Gagnon, 651-310-7696
For Travelers Property Casualty Corp., Hartford
Keith Anderson, 860-954-6390
Maria Olivo, 860-277-8330
Marc Parr, 860-277-0779