SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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:
Victoria Financial Corporation 401(k) 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
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REQUIRED INFORMATION
The Victoria Financial Corporation 401(k) 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.
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EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
23.1 Consent of Independent Auditors 5
23.2 Consent of Independent Auditors 6
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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.
Victoria Financial Corporation 401(k) Plan
(Name of Plan)
Date June 21, 1996 /s/ Robert Mueller
Name: Robert Mueller
Title: President Victoria Financial Corporation
and Plan Administrator
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EXHIBIT 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-59535) pertaining to the Victoria Financial Corporation 401(k) Plan
of our report dated May 31, 1996, with respect to the financial statements and
schedules of the Victoria Financial Corporation 401(k) Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1995.
/s/ ERNST & YOUNG LLP
Cleveland, Ohio
June 19, 1996
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EXHIBIT 23.2
Consent of Independent Auditors
The Board of Directors
USF&G Corporation
We consent to incorporation by reference in the Registration Statement (No.
33-59535) on Form S-8 of USF&G Corporation of our report dated April 28, 1995,
relating to the statement of net assets available for benefits as of December
31, 1994 of The Victoria Financial Corporation 401(k) Plan which report appears
in the December 31, 1995 annual report on Form 11-K for USF&G Corporation.
/s/ KPMG PEAT MARWICK LLP
June 21, 1996
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