U.S. insurance company Travelers Cos. Inc. and fully owned subsidiary St. Paul Fire & Marine Insurance Co. have filed a claim against U.K.-based financial services group Old Mutual Plc in a U.S. court in connection with pre-existing head office legacy items linked to previously disposed-of assets in the U.S.
The claim was lodged in the U.S. District Court for the Southern District of New York, Old Mutual said, without elaborating.
"We believe that this action is without merit and we will resist accordingly," the group said. "We will update the market in due course. We continue to believe that the managed separation remains on track for material completion by the end of 2018."
Old Mutual announced the managed separation in March 2016. The group is due to announce its annual results March 15.
