ST PAUL COS TO BUY AUSTRALIAN PROFESSIONAL INDEMNITY FIRM

The international unit of Minnesota-based insurer St Paul Cos plans to acquire Brisbane-based Australia Pacific Professional Indemnity Insurance Co from Australia’s GIO Holdings. The purchase, which is expected to be completed this month, pending approval by Australian regulators, would add about 2,000 lawyers as St Paul policyholders in Queensland, Australia, where professional indemnity insurance is mandatory.