2001 Annual Report The St. Paul
Financial Highlights
At A Glance Letter To Shareholders
Commited. Competitive. Constructing Our Future Financial Review Corporate Information
       
   
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The St. Paul Companies at a Glance: 2002

Headquartered in Saint Paul, Minn., The St. Paul Companies, Inc. provides commercial property-liability and nonlife reinsurance products and services, and asset management services through its subsidiary The John Nuveen Company. The St. Paul was founded in 1853.


Commercial Lines Group
The Commercial Lines Group includes small, middle market and large commercial business.

Small Commercial provides comprehensive property-liability insurance for small businesses such as retail, wholesale, services, professional offices, manufacturers and contractors.

Middle Market Commercial provides comprehensive property-liability insurance for a wide variety of commercial enterprises in manufacturing, distributing, retailing and property ownership in which annual insurance costs range from $75,000 to $1 million.

Large Accounts provides insurance to larger commercial businesses that have a willingness to share in their insurance risk through significant deductibles and self-insured retentions.


Specialty Commercial
Specialty Commercial is composed of underwriting operations that serve customers in specific industries, for example, banking, technology, oil & gas, shipping and hospitality. It also offers excess & surplus lines and catastrophe risk insurance and includes Discover Re, serving the alternative risk transfer market.

The Financial and Professional Services operation includes traditional professional indemnity products plus specialty coverage for community banks and lawyers. The Technology area offers products suited for medical technology/biotechnology, electronics, information technology, telecommunications, industrial electronics and specialty instruments businesses. Public Sector Services markets insurance products to cities, townships and special governmental districts. Marine provides insurance related to ocean and inland waterways traffic. National Programs targets homogeneous groups of customers in various industries, such as hospitality and entertainment. Transportation serves large trucking firms nationwide. Oil & Gas provides specialized products for customers involved in the exploration and production of oil and gas.

Surety and Construction
St. Paul Surety is the No. 1 provider of surety products in North America. The surety segment includes Afianzadora Insurgentes, the largest surety bond underwriter in Mexico. Surety underwrites surety bonds, which guarantee that third parties will be indemnified against the nonperformance of contractual obligations. Products include contract, commercial and special risk surety bonds for diverse business sectors.

The St. Paul is the first and longest-tenured insurer to serve the construction market. Policyholders include about 25 percent of the largest 400 contractors operating in the United States. Construction’s risk control services include numerous safety training programs that capitalize on The St. Paul’s construction expertise.


Reinsurance
St. Paul Re, The St. Paul’s reinsurance operation, underwrites nonlife reinsurance for clients in North America, Europe, Latin America, the Caribbean, Australia and Asia. Its customers include leading property, liability, accident and health and other insurance companies. Most of its business is produced through intermediaries.

With underwriting offices in New York, London, Chicago and Miami, and a representative office in Tokyo, St. Paul Re ranks among the five largest U.S. reinsurers and the top 20 reinsurers worldwide. It offers clients both “traditional” reinsurance as well as reinsurance on a “finite risk” basis.


The John Nuveen Company
The St. Paul holds a 77 percent interest in The John Nuveen Company. Nuveen’s core business is asset management with a specialty focus on high-quality core equity and fixed-income offerings for financial advisors to the affluent and high net worth market segments, as well as a growing number of institutional clients.

Chicago-based Nuveen is a market leader in separately managed accounts and closed-end exchange traded funds. The firm’s risk-managed, tax-sensitive investment expertise is also provided in mutual funds and market-neutral portfolios. Leveraging two well-established distribution platforms in consultative services and syndicated products, Nuveen markets its distinctive array of investments through registered representatives associated with unaffiliated firms.

Nuveen is listed on the New York Stock Exchange, trading under the symbol JNC.
     
The St. Paul provides equal employment opportunity to all employees and applicants for employment, free from unlawful discrimination based on race, color, religion, gender, age, national origin, disability, veteran status, marital status, sexual orientation or any other status or condition protected by state or federal law.
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