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