Travelers 2003 Annual Report Download - page 11

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9
INTRODUCTION
As previously announced, on April 1, 2004, Travelers Property Casualty Corp. (“TPC”) merged with a subsidiary of The
St. Paul Companies, Inc. (“SPC”), as a result of which TPC has become a wholly owned subsidiary of SPC, now known as
The St. Paul Travelers Companies, Inc. (together with its subsidiaries, “St. Paul Travelers”). Each share of TPC par value
$0.01 class A common stock and par value $0.01 class B common stock was exchanged for 0.4334 of a share of St. Paul
Travelers common stock without designated par value. For accounting purposes, this transaction will be accounted for as a
reverse acquisition with TPC treated as the accounting acquirer. Accordingly, this transaction will be accounted for as a
purchase business combination, using TPC historical financial information and applying fair value estimates to the
acquired assets, liabilities, and commitments of SPC as of April 1, 2004. Beginning April 1, 2004, the results of operations
and financial condition of SPC will be consolidated with Travelers. Please see Note 19 - Subsequent Event (Unaudited) to
the Consolidated Financial Statements for additional information.
Unless stated otherwise, the information below pertains only to the business of TPC and its consolidated subsidiaries
(collectively, “Travelers”) prior to, and without giving effect to, the merger. For additional information regarding SPC or
St. Paul Travelers, please refer to their respective filings with the Securities and Exchange Commission (“SEC”).
On May 10, 2004, St. Paul Travelers filed its Form 10-Q as of and for the period ended March 31, 2004. Share and per
share amounts for all periods presented were restated to reflect the exchange of TPC’s common stock for St. Paul Travelers
common stock. Accordingly, those amounts will differ from the historical amounts presented in the Travelers
Consolidated Financial Statements included in this Annual Report to Shareholders.