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(Source: Bloomberg)

(Bloomberg) – Put on the Taylor Swift and pull out the Ben & Jerry’s ice cream: The municipal-bond market’s long relationship with property & casualty insurance companies may be breaking up.

That’s because last year’s tax overhaul slashed corporate rates to 21%, making tax-exempt debt less attractive to a segment of the insurance industry that has $342 billion in municipals, accounting for one-third of its debt investments, according to Federal Reserve data.

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