ST. PAUL BUYS LONDON GUARANTEE

The St. Paul Companies finalized a definitive agreement to purchase London Guarantee Insurance Company for $80 million. The transaction is expected to close within three to five months, after regulatory approval has been received. London Guarantee, headquartered in Toronto, is a specialty property-liability insurance company employing 200, which is focused on providing surety products, and management liability, bond, and professional indemnity products. London Guarantee has a Best’s rating of “A+” and it has had an average combined ratio of around 80 over the last several years.