Unionamerica to Close Underwriting Operations

The St. Paul Companies has completed a strategic review of Unionamerica Insurance Company, Ltd. and has decided that effective Jan. 1, 2001 the company will cease underwriting and will manage the run-off of its remaining book of business.

Unionamerica is a London-based reinsurance underwriting subsidiary of MMI Companies, which The St. Paul acquired five months ago. Unionamerica was not considered a key component of that acquisition. The St. Paul has been reviewing strategic options for Unionamerica since that time. For the six months ended June 30, 2000, Unionamerica had net written premiums of $79 million.