Sins of St. Paul

St. Paul Travelers has rallied 5% to 37.27 but a regulatory probe and concerns about the insurer's reserves could hitch its share. The company's new sale of Nuveen Investments, a tax-exempt bond-fund powerhouse, should alleviate some shareholder concerns as the estimated $2 billion in after-tax proceeds will help support St. Paul Travelers' somewhat ravaged capital base, obviating the need for additional financings.