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Money managers including Goldman Sachs Group Inc. and BlackRock Inc. have helped support insurance startups offshore in recent years. (AP Photo/Jim Mone)

(Bloomberg) – Alan Schnitzer, the new chief executive officer of insurer Travelers Cos., called on U.S. lawmakers to reduce corporate taxes or risk harming business in country.

“We continue to see the U.S. corporate income tax rate — the highest of any industrialized nation — as encouraging insurers to shift capital offshore, ultimately harming the U.S. economy,” Schnitzer said Friday in his first annual letter as CEO of the New York-based insurer. “Ensuring that U.S. companies remain competitive should be a priority for Congress.”

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