TRAVELERS PROPERTY CASUALTY ACQUIRES RELIANCE GROUP UNIT

Connecticut-based Travelers Property Casualty, a unit of Citigroup, has completed the $580m cash acquisition of the surety business of New York-based p/c insurer Reliance Group Holdings, giving Reliance an after-tax statutory gain of $300m. Travelers Property Casualty accepted a proposal from New York-based Citigroup to purchase the remaining 15% of the insurer for $2.4bn in March, consolidating the two-year-old merger between Travelers Group and Citicorp.