Heyman succeeds Michael Wright, who is leaving the company to pursue other interests.

"Bill has an exceptional financial services background, with solid investing and varied private and public sector experience," said Jay Fishman, chairman and chief executive officer. Heyman is currently an independent director of Max Re Capital, a Bermuda-based reinsurance holding company, and a member of the Advisory Boards of Pitango Funds II and III, venture capital funds based in Israel.

Until March 15, 2002, Heyman was chairman of Citigroup Investments, a subsidiary of Citigroup that managed most of Citigroup's proprietary investments. His responsibilities included all public and private equity-related investments, real estate, and alternative investments, as well as Citigroup's pension fund. He founded and was until his departure chief executive officer of Tribeca Investments, a Citigroup subsidiary that conducts proprietary trading and investment activities including merger arbitrage and convertible hedging. He was a senior vice president of various Citigroup insurance subsidiaries, including Travelers, and served as a Citigroup representative on several boards.

Prior to joining Citigroup in 1995, he was, successively, 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. (1991-1993); and a managing director and head of the arbitrage department of Smith Barney. He began his career in the securities business in 1979, when he co-founded Mercury Securities, a broker-dealer specializing in merger arbitrage of which he was chief operating officer for nine years. Prior to that, he was a securities lawyer, principally with Cravath, Swaine & Moore.

He is currently a member of the Advisory Board for Financial Mathematics of the Courant Institute of Mathematical Sciences of New York University; the Advisory Council of the Bendheim Center for Finance at Princeton University and the Economic Club of New York. He has been a member of the Emerging Markets Advisory Committee of the SEC, the Financial Products Advisory Committee of the Commodity Futures Trading Commission and a public member of the Administrative Conference of the United States and its Special Committee on Financial Institutions.

Heyman earned his bachelor's degree from Princeton University, where he was elected to Phi Beta Kappa. He received his law degree from Harvard Law School.

The St. Paul Companies, headquartered in Saint Paul, Minn., USA, provides commercial property-liability insurance and non-life reinsurance worldwide. The St. Paul reported 2001 revenues from continuing operations of $8.9 billion and total assets of $38.3 billion. For more information about The St. Paul and its products and services, visit the company's web site, http://www.stpaul.com

For more information, contact: Joan Palm for St. Paul Companies, +1-651-310-2685, joan.palm@stpaul.com

SOURCE The St. Paul Companies