St. Paul Travelers Sells E-S Biz, Promotes Benet
The St. Paul Travelers Companies Inc. announced it has named Jay S. Benet vice chairman and is selling its excess surplus lines business for an undisclosed amount.
Mr. Benet, 53, the company said, will add that title and keep his position as chief financial officer.
The St. Paul, Minn.-based company said it plans to sell its CATRisk operation, the company's monoline earthquake and excess and surplus personal lines property unit which operates under the GeoVera, Pacific Select Property and USF&G Specialty brands.
St. Paul Travelers said the CATRisk operation is to be acquired by a newly created holding company, established by affiliates of the private equity investment firms Friedman Fleischer & Lowe, LLC, and Hellman & Friedman, LLC.
Terms of the deal were not released.
The company said it expects the transaction to be completed in the fourth quarter of 2005, pending regulatory approval.
It further said the sale would not impact the company's business and added that the transaction does not affect the company's ongoing personal lines business operating under the Travelers brand.
Mr. Benet joined Travelers Property Casualty as CFO in 2002 and continued serving in that position when the company merged with The St. Paul in 2004. Previously, he served 12 years in various executive positions with Citigroup and with Travelers Life & Annuity.
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