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Brooklyn, N.Y.

While true merger and acquisition activity in the property and casualty insurance industry isn’t occurring at the pace of prior soft markets, a form of consolidation is occurring as concerned agents and brokers move business to safer havens, a top insurance official pointed out.

Jay Fishman, chair and chief executive of Travelers, made the observation during the opening session of the recent Standard & Poor’s Insurance 2009 Conference, noting that agents are concerned in particular about carrier service capabilities.

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