SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest
event reported): July 30, 2002
THE ST. PAUL COMPANIES, INC.
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(Exact name of Registrant as specified in its charter)
Minnesota 001-10898 41-0518860
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(State of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
385 Washington St., St. Paul, MN 55102
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(Address of principal (Zip Code)
executive offices)
(651) 310-7911
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(Registrant's telephone number,
including area code)
N/A
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(Former name or former address, if changed since last
report)
Item 5. Other Events
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The following statement was derived from a press release of
The St. Paul Companies, Inc. dated July 30, 2002 related to
the impact of an oil rig surety ruling:
The St. Paul Companies announced today that it believes
the net third-quarter 2002 earnings impact from a July
26, 2002, federal court ruling should not exceed $25 million, net of
reinsurance, case reserves and taxes, and prior to any
recoveries. The company believes that the recoveries may be
significant, but it cannot reasonably estimate them at this
time.
The company continues to review the ruling, rendered in
the United States District Court for the Southern District
of New York. The ruling involved claims against a
subsidiary of The St. Paul and another surety in connection
with the construction of two rigs for a Brazilian oil
company.
Certain statements made by the company in this release
may constitute forward-looking statements. Actual results
may differ materially from those projected in the forward-
looking statements. These forward-looking statements involve
risks and uncertainties including, but not limited to, the
following: competitive considerations, including the ability
to implement price increases; the frequency and severity of
catastrophic events; our achievement of planned expense
savings; the timing and impact of our exiting of certain
types of business; changes in the demand for, pricing of, or
supply of reinsurance or insurance; increased competitive
pressure; the loss of significant customers; worse than
anticipated loss developments from business written in prior
years; losses due to foreign currency exchange rate
fluctuations; changes in our estimate of insurance industry
losses resulting from the September 11, 2001, terrorist
attack; the potential impact of the global war on terrorism
and Federal solutions to make available insurance coverage
for acts of terrorism; regulatory developments; general
economic conditions, including changing interest rates,
rates of inflation and the performance of the financial
markets; judicial decisions and rulings; changes in domestic
and foreign laws, regulations and taxes; effects of
acquisitions and divestitures; and various other factors. We
undertake no obligation to release publicly the results of
any future revisions we may make to forward-looking
statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
THE ST. PAUL COMPANIES, INC.
By: Bruce A. Backberg
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Bruce A. Backberg
Senior Vice President
Date: July 30, 2002