| Ticker: TAP | One Tower Square | |
| Exchange: New York Stock Exchange | Hartford, Connecticut 06183 | |
| Industry: Financial | (860) 277-0111 |
| Type of Shares: | Class A Common Shares | Filing Date: | 3/13/96 | |
| U.S. Shares: | 28,348,592 | Offer Date: | 4/22/96 | |
| Non-U.S. Shares: | 7,087,148 | Filing Price: | $25.00 | |
| Primary Shares: | 35,435,740 | Offer Price: | $25.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.19 | |
| Offering Amount: | $885,893,500 | Selling: | $0.71 | |
| Expenses: | $2,700,000 | Reallowance: | $0.10 | |
| Shares Out After: | 396,456,425 | |||
| Spin out parent firm: | Travelers Group Inc. | |||
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| CS First Boston | Co-manager | (212) 909-3312 |
| Dean Witter Reynolds | Co-manager | (212) 392-2222 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-1172 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-9922 |
| Lehman Brothers Incorporated | Co-manager | (212) 640-6129 |
| Morgan Stanley & Co. Incorporated | Co-manager | (212) 703-4797 |
| Salomon Brothers Inc. | Co-manager | (212) 783-2947 |
| Auditor: KPMG Peat Marwick | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $4,569.00 | Assets: | $24,621.00 | ||
| Net Income: | $419.00 | Liabilities: | $21,020.00 | ||
| EPS: | $0.09 | Equity: | $3,601.00 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is the fourth largest property and casualty insurance company in the United States, based on 1994 direct written premiums published by A.M. Best, after giving effect to the acquisition of Aetna P&C; and recent industry consolidation. The company provides a wide range of commercial and personal property and casualty coverages and personal coverages accounted for 76% and 24%, respectively, of the company's combined net written premiums in 1995 of %10.5 billion. After giving pro forma effect to the Transactions, the Equity Offerings and the Debt and Preferred Offerings, at December 31,1995 the company had total assets and stockholders' equity of $50.2 billion and $6.0 billion, respectively. The company believes that the businesses of the company provide complementary product offerings and distribution systems. |
| Use of Proceeds |
| All of the net proceeds to TAP from the Equity Offerings after deducting underwriting discounts and commissions and expenses of the Equity Offerings payable by the company will be used by TAP to repay a portion of the borrowings under the Credit Agreement. |
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