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Paulsons planned exit will remove one of the boards more prominent advocates for shrinking the company.

The reinsurance deal transfers liabilities on certain U.S. policies from 2015 and earlier. The coverage involves so-called long-tail policies, in which claims can emerge years after a policy is issued.

He is a 'tough mudder' with a mission: Proving the insurer can once again rise above the noise and improve its results.

The largest commercial insurer in the U.S. and Canada sold 740 million shares of PICC P&C near the low end of a marketed range.