BUSINESS
By BLOOMBERG NEWS | March 29, 2003
ST. PAUL, Minn. - St. Paul Cos., the fourth-largest U.S. business insurer, paid Chief Executive Officer Jay S. Fishman $2.96 million in 2002 as the company returned to profitability. Fishman, 50, was paid $1 million in salary, $1.13 million in bonus, $416,605 in restricted stock, stock options worth $188,451 on their grant date, and $226,342 in other compensation, according to a company filing with the Securities and Exchange Commission. St. Paul, which acquired Baltimore based USF&G Corp.
NEWS
By Meredith Cohn and Meredith Cohn,SUN STAFF | February 26, 2003
In a major expansion plan, the Johns Hopkins University has signed a letter of intent to buy the sprawling St. Paul Cos. campus that straddles the city-county line in Mount Washington. Already a major property owner and the city's largest private employer with 35,000 people, Hopkins expects to keep growing. Assuming the deal is completed, Hopkins plans eventually to use just under half of the space in five major buildings on the 68-acre campus for administrative offices for the school and the hospital, a Hopkins official said yesterday.
BUSINESS
By Meredith Cohn and Meredith Cohn,SUN STAFF | December 30, 2002
Half of the St. Paul Co.'s sprawling, tree-lined Mount Washington campus, split by the northern city-county border, could have a new owner by early next year. But prospects for the other half are not as clear. The insurance company, saying it no longer needed all the space for its 700 employees, put the entire 68-acre site up for sale in September. Marketing the property as two parcels, St. Paul wants $34 million for the northern part, which sits in Baltimore County, according to area real estate brokers.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 5, 2002
Shares of St. Paul Cos. fell more than $1 yesterday, one day after the insurance company announced that it had reached a $1 billion settlement related to asbestos claims. The company's shares had dropped earlier after a Securities and Exchange Commission filing last month in which it said the results of the asbestos litigation could be "material to our results of operations." Since that disclosure May 15, the stock has fallen more than $6, or 14 percent. Shares closed yesterday at $40.56, down $1.06, or 2.5 percent.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | January 24, 2002
The St. Paul Cos. said yesterday that it plans to lay off 50 workers from its Baltimore offices as part of a plan to cut costs and get out of unprofitable businesses, such as malpractice insurance. A considerable number of the job losses in Baltimore will be security jobs, which the company plans to outsource, said spokesman Patrick Hirigoyen. The fourth-largest U.S. business insurer is cutting 1,150 jobs company-wide, more than the 750 it had initially announced last year. Most of the cuts will come from overseas, where the St. Paul, Minn.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 29, 2001
Old Mutual PLC, a big financial services company in England, said yesterday that it completed the acquisition of Baltimore's Fidelity & Guaranty Life Insurance Co. for $635 million in cash and stock. The London-based Old Mutual, which bought F&G Life from the St. Paul Cos. of Minnesota, received approval from regulators in Maryland and New York this week, said Guy Barker, chief executive of Old Mutual's U.S. life insurance operations. "I think it is going to work out for us all around," Barker said.