A few months after KeyCorp announced last fall that it would offer USF&G Corp.'s small-business property and casualty insurance, the insurer announced it was being acquired and backed out of the deal.

KeyCorp's experience with USF&G illustrates the pitfalls that can result when banking companies form joint ventures to offer additional products to their customers, said Jackie Baer-Cowdery, a KeyCorp senior vice president who manages the bank's strategic alliances.

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