NU Online News Service, April 17, 10:05 a.m. EDT

Following the announcement yesterday that Farmers Group Inc. had purchased 21st Century Insurance for $1.9 billion, Farmers’ chief executive suggested that major job cuts are not in the cards for the new acquisition.

F. Robert Woudstra noted that only a week ago, 21st Century’s parent American International Group, which arranged the sale with Farmer’s parent Zurich Financial Services, had been “reducing the headcount by 500 people.”

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