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, 1995
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 (the "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 5
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 21, 1996 /s/ John A. MacColl
Name: John A. MacColl
Title: Senior Vice President
USF&G Corporation and
Plan Administrator
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,
33-51859, 33-63333, and 33-65471 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,
33-59535, 33-64839, and 333-04359 on Form S-8 of USF&G
Corporation of our report dated June 21, 1996 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, 1995.
/s/ ERNST & YOUNG LLP
Baltimore, Maryland
June 21, 1996
