USF&G

USF&G
Industry	Insurance
Predecessor	United States Fidelity and Guaranty Company
Founded	March 19, 1896; 130 years ago Baltimore, Maryland, United States
Founders	John Randolph Bland
Defunct	January 1998
Fate	Purchased by St. Paul Travelers in 1998
Headquarters	Baltimore, Maryland, United States
Parent	St. Paul Travelers

Adapted from the English Wikipedia article USF&G, available under CC BY-SA 4.0Updated 8 August 2025

USF&G was a U.S.-based insurance firm that operated from 1896 until its acquisition in 1998. Initially established as the United States Fidelity and Guaranty Company, it adopted the USF&G name in July 1981 following the creation of a holding company structure for its insurance operations.

In January 1998, the company was acquired by Saint Paul Companies in a deal valued at $3.9 billion.

By late 1921, the firm’s headquarters were located at 26 South Calvert Street in Baltimore, Maryland. That year, its real estate holdings in Baltimore and New York were appraised at approximately $2.6 million. In 1970, USF&G erected the 37-story USF&G Building in Baltimore and subsequently purchased the former campus of Mount Saint Agnes College for corporate purposes.

Establishment and Expansion

USF&G was founded on March 19, 1896, in Baltimore and began business operations on August 1 of the same year. The company’s primary founder was John Randolph Bland. Early challenges included scrutiny regarding commission policies; however, it maintained a significant market position under leadership such as Andrew Freedman, who managed New York operations as vice president.

In May 1902, USF&G secured majority control of The Lawyer's Surety Company of New York but kept it operating as an independent entity. Later that year, it collaborated with two other leading bonding surety firms from Baltimore to prevent aggressive rate-cutting, a strategy anticipated to set precedents in other regions.

The company was party to notable legal cases, including a 1908 Supreme Court decision (United States Fidelity & Guaranty Co. v. United States ex rel. Struthers Wells Co) and another case in 1935 (Jennings v. United States Fidelity & Guaranty Co.).

By 1921, USF&G reported revenues of $27.6 million and total assets approaching $34 million. After the 1929 stock market collapse, it experienced significant losses mainly within its fidelity, surety, and automobile liability insurance segments.

In August 1935, the Securities and Exchange Commission lifted a trading suspension on USF&G’s stock on the Baltimore Stock Exchange following resolution of regulatory issues.

The company's physical presence expanded notably in 1970 with the completion of the USF&G Building in Baltimore.

Rebranding and Takeover

In July 1981, the insurer established a holding company to oversee its insurance subsidiaries and adopted the USF&G brand name. Throughout the 1980s, it broadened its business scope but encountered considerable financial difficulties across most divisions. By 1990, USF&G was on the brink of insolvency. That year saw Norman Blake appointed as CEO; he implemented restructuring measures including divestiture of non-core assets, leadership changes, and concentration on primary insurance operations, which led to profitability restoration by 1992.

The acquisition by Saint Paul Companies occurred in January 1998 for $3.9 billion through stock issuance and assumption of debt. Saint Paul Companies originated in Minnesota in 1853 as Saint Paul Fire and Marine Insurance Co., later growing into a nationwide insurer before integrating USF&G as a subsidiary.

Facilities and buildings

By the end of 1921, USF&G operated out of its premises at 26 South Calvert Street in Baltimore. At that time, its portfolio of real estate—including assets in both Baltimore and New York—was valued at more than $2.5 million.

In 1970, USF&G developed a 37-story skyscraper clad in pink granite, known as the USF&G Building, situated in Baltimore’s Inner Harbor. This construction played a significant role in stimulating economic revitalization within the area and quickly became an iconic structure for the city. By 2011, this building had been renamed the Transamerica Tower and continues to hold the distinction of being the tallest building in Maryland. From the early 1970s onward, ownership of the former Mount Saint Agnes College campus was held by USF&G and subsequently by St. Paul Companies until it was sold to Johns Hopkins University in 2003.

Executives

John J. Kennedy, who served as New York State Treasurer between 1911 and 1914, had formerly been the resident vice president for the United States Fidelity and Guaranty Company’s Buffalo office—a bonding enterprise connected to Tammany Hall. After his election in 1910, he passed his business responsibilities to his son, William Kennedy, who assumed the role of Resident Secretary at Buffalo. William collaborated in bonding activities with Charles F. Murphy, Jr., nephew of Tammany leader Charles F. Murphy. Both members of the Kennedy family and Murphy underwent investigations by Governor Martin H. Glynn's Special Graft Investigator and were questioned by Manhattan authorities amid suspicions regarding possible perjury charges against John J. Kennedy; these allegations were refuted by his legal counsel.

Sport sponsorships

Beginning in 1981, USF&G took on sponsorship of the New Orleans Open golf tournament, initially titled the USF&G New Orleans Open and renamed the USF&G Classic in 1982. This partnership lasted until 1991; today, the tournament is known as the Zurich Classic of New Orleans. Additionally, USF&G sponsored the Arrows Grand Prix International Formula One team from 1986 through 1990 and supported the United States Club Lacrosse Association Championship Game in both 1988 and 1989. The company also served as a sponsor for the Sugar Bowl college football postseason game from 1987 until 1995.

External links

R. Howard Bland papers housed at University of Maryland Libraries; Bland held the position of company president during the 1930s.