Stock Swap at Fireman’s Fund: The Greenwich,...

Stock Swap at Fireman’s Fund: The Greenwich, Conn., parent of the California-based insurance company will exchange 9.5 million shares of its common stock held by American Express for 8.55 million shares of a new series of voting Fireman’s Fund Corp. preferred valued at $342 million. American Express bought the property and casualty insurance firm in 1968 but began returning it to public ownership with an initial offering of common stock in October, 1985. The new issue of voting preferred stock will carry an annual dividend of 7.75%.