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, 1994
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, 33-61965, 33-55667, 33-55669, 33-55671, and
33-59535 on Form S-8 of our report dated May 30, 1995 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, 1994.
/s/ ERNST & YOUNG
Baltimore, Maryland
June 14, 1995
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 19, 1995
/s/ JOHN A. MACCOLL
Name: John A. MacColl
Title: Senior Vice President
USF&G Corporation and Plan Administrator
