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.
For the fiscal year ended December 31, 1996
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ________________ to _________________
Commission filed 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
6225 Centennial Way
Baltimore, Maryland 21209
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REQUIRED INFORMATION
The USF&G Capital Accumulation Plan (the "Plan") is subject to the
financial reporting requirements of the 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 Consent of Independent Auditors 5
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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.
USF&G CAPITAL ACCUMULATION PLAN
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(Name of Plan)
Date: June 26, 1997 /s/ JOHN A. MACCOLL
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Name: John A. MacColl
Title: Executive Vice President
USF&G Corporation and
Plan Administrator
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EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in USF&G Corporation's registration
statement numbers 33-20449, 33-9405, 33-33271, 33-21132, 33-51859, 33-65471 and
333-13685 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 our report dated June 24, 1997
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, 1996.
/s/ ERNST & YOUNG LLP
Baltimore, Maryland
June 26, 1997
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