St. Paul Travelers Cos. Inc. denied a media report Thursday that it is in merger talks with Zurich Financial Services Group of Switzerland.
The Swiss newspaper Cash had reported that merger discussions between the Minnesota property/casualty insurer and the Swiss insurance giant were nearly complete and that a deal could be completed by November. Cash cited an unnamed source responsible for Zurich's European business.
St. Paul Travelers stated, "While the company also reaffirmed its policy is to avoid any comment on, or response to, market rumors or speculation, the recurring nature of these specific media reports, both nationally and internationally, has prompted the company to issue this denial again." It had denied a similar press report in March.
Zurich declined to comment.
