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...The debt was accumulated through two recent acquisitions of property and casualty insurers: the 2007 purchase of Ohio Casualty, followed in 2008 by the purchase of SafeCo....
...In 2008, he was seen as a natural choice for XL, having won plaudits before his tilt at office for a five-year turnround of Safeco, the Seattle-based insurer that was suffering the effects of a bloated cost...
...It is the largest insurance industry deal since St. Paul merged with Travelers in a $16bn deal in 2003....
...Safeco in January reported a 30 per cent drop in first quarter profit to $144.5m. The auto insurance division reported a pretax underwriting loss of $19m....
...Safeco shares jumped 45.8 per cent to $65.94. Better-than-expected results from Moody’s, the credit rating company, also helped steady the sector....
...Since the start of last year, Mr Santorum has been the top congressional recipient of political action committee money from the commercial banking, insurance, pharmaceuticals and health products sectors,...
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