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Safeco suffered two jolts last week–posting a nearly 25 percent drop in quarterly earnings as Chief Executive Officer Mike McGavick said he would be leaving the carrier, reportedly to explore a possible run for the U.S. Senate.

Insurance industry sources in Washington said Mr. McGavick will have an exploratory committee consider whether he should seek the Republican nomination to run against U.S. Sen. Maria Cantwell, a Democrat. The Seattle Times reported that he is the GOP consensus candidate.

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