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The St. Paul Companies and Travelers Property Casualty have signed a definitive merger agreement creating the nation's second largest commercial insurer. The combined company, to be known as The St. Paul Travelers Companies, will have net written premiums of approximately $20 billion. Commercial lines and personal lines business will be consolidated under the Travelers brand and based in Hartford. The specialty insurance lines, to be known as St. Paul Specialty, will be based in Saint Paul. Corporate headquarters also will be in Saint Paul.
Both St. Paul and Travelers have been big deal makers in the past. Among the most significant: Travelers acquired Aetna's P-C operations in 1996 and St. Paul acquired USF&G in 1998.
Jay Fishman, who will be chief executive officer of the new company, has already run both St. Paul and Travelers. He served as CEO of Travelers Property Casualty from 1998 until 2001 (during the period that Travelers was owned by Citicorp) before joining St. Paul as chairman and CEO.
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