Reliance for Sale?

From IMMSAccording to industry sources, Travelers Property Casualty Corp., St. Paul Cos., and an unnamed insurer are seeking to purchase Reliance Group Holdings, Inc., a troubled Property/Casualty carrier. The three prospective buyers are said to have met over the weekend to discuss a deal with investment bankers Bear Stearns and Donaldson, Lufkin, and Jenrette, which Reliance hired last month as strategic advisers. Informed sources expect a sale of Reliance, or a significant third-party investment, before the end of the first quarter of 2000 to avoid a ratings downgrade based on concerns abo...