St. Paul Travelers (STA) said it isn't in merger talks with Zurich Financial Services Group (ZFSVY) .

The St. Paul, Minn., insurer said it prefers to avoid any comment on, or response to, market rumors or speculation. But "the recurring nature of these specific media reports, both nationally and internationally, has prompted the company to issue this denial again."

A Swiss paper called

Cash

reported Thursday that the companies could announce a merger as early as November.

St. Paul Travelers fell 26 cents early Thursday to $46.31.