Securian, too, says it doesn’t need insurance bailout but sees itself as good federal investment

Travelers Cos, the big insurance company that used to be known as St. Paul Cos. before the 2004 merger, already has said it has no interest in the U.S. Treasury’s Capital Purchase Program.

The program’s target is banks, shoring them up and getting them back into the credit action, but there’s been some talk of including insurance companies, too.

No thanks, Travelers CEO Jay Fishman said earlier this week in a letter to Treasury Secretary Henry Paulson, saying his company doesn’t require — and won’t request — the federal assistance.

So what about Securian, downtown St. Paul’s other big insurer (and parent of Minnesota Life)?

Company spokesperson Margaret Jensen sent this statement, after I called to ask:

“Securian is in a very strong financial position. We are well-capitalized and very liquid. In fact, Securian is in acquisition mode and looking for opportunities to grow market share during this economic downturn. Given our financial strength, Securian is in no need of federal assistance.

“However, if the federal government is looking to invest in the life insurance industry, Securian would be a very good investment. In addition, we would expect the federal government to maintain a level playing field among companies. And if the terms were favorable, we certainly would consider it.”

No Securian letters sent to Paulsen, yet, Jensen said.

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