Safeco Plans Cost Cuts, Sale of Life Unit; Announces Reserve Charge
NU Online News Service, Sept. 29, 4:30 p.m. EDT? Safeco Corporation today announced its plan for a major restructuring of the corporation, including cost-cutting and staff reduction initiatives and the intention to sell off its Life & Investments unit to focus solely on property-casualty products.
In a separate announcement, Safeco also said it is strengthening workers compensation reserves by $205 million pretax.
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