SEC Probes St. Paul-Travelers Merger

Law360, New York (May 9, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is investigating how St. Paul Travelers Cos. Inc. accounted for a $1.63 billion increase in claim reserves following the April 2004 merger between St. Paul Cos. and Travelers Property Casualty Corp.

News of the S.E.C.’s inquiry came to light after St. Paul Travelers submitted a regulatory filing pertaining to the first quarter of 2006. The filing—Form 10-Q—said that the company had sought guidance from the S.E.C. in July of 2004 on how they should account for the $1.63 billion dollars,...
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