St. Paul-Travelers Marriage Seen As Exception, Not Trend
The (sort of) surprise announcement by The St. Paul Companies Inc. and Travelers Property Casualty Corp. to merge and create The St. Paul Travelers Companies is receiving a mostly positive reception from ratings firms and equity analysts.
But industry watchers are also saying this marriage is more the exception than the rule in the current property-casualty marketplace, where the urge to merge is decidedly muted and the fear of commitment has been the norm since the late 1990s because of the fear over prior-year liabilities.
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