SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED].
For the fiscal year ended December 31, 1993
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number 1-8233
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below: USF&G CAPITAL
ACCUMULATION PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
USF&G CORPORATION
100 Light Street
Baltimore, Maryland 21202
REQUIRED INFORMATION
The USF&G Capital Accumulation Plan is subject to the financial
reporting requirements of Employee Retirement Income Security
Act of 1974 (ERISA). In accordance with Instruction E to Form
11-K, the plan financial statements and schedules prepared in
accordance with the financial reporting requirements of ERISA
are filed in paper under cover of Form SE.
EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
23 Consent of Independent Auditors 4
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the registration
statement numbers 33-20449, 33-9405, 33-33271, 33-21132,
33-50825, and 33-51859 on Form S-3 and 2-72026, 2-61626,
2-98232, 33-16111, 33-38113, 33-35095, 33-43132, 33-45664,
33-45665, and 33-61965 on Form S-8 of our report dated May 27,
1994 with respect to the financial statements and schedules of
the USF&G Capital Accumulation Plan included in this Annual
Report (Form 11-K) for the year ended December 31, 1993.
/s/ ERNST & YOUNG
Baltimore, Maryland
June 27, 1994
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees have duly caused this annual
report to be signed on its behalf by the undersigned hereunto
duly authorized.
USF&G CAPITAL ACCUMULATION PLAN
(Name of Plan)
Date June 28, 1994 /s/ Amy P. Marks
Name: Amy P. Marks
Title: Senior Vice President
USF&G Corporation and
Plan Administrator
