Travelers 2003 Annual Report Download - page 154

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152
19. SUBSEQUENT EVENT (UNAUDITED)
The consolidated financial statements include the accounts of Travelers Property Casualty Corp. (“TPC”) and
its subsidiaries. On April 1, 2004, 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.
For further information regarding SPC or St. Paul Travelers, please see their respective filings with the SEC,
including:
• SPC’s Form 10-K for the year ended December 31, 2003 with respect to the results of operations,
financial condition and related commitments, contingencies and uncertainties of SPC for the year ended
December 31, 2003; and
• St. Paul Travelers Form 10-Q for the period ended March 31, 2004 filed on May 10, 2004.