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Safeco to Spin Off Life Unit.(Brief Article)
In a bid to focus all of its attention on property and casualty insurance, Safeco said last week that it intends to sell its Life & Investments unit.
Safeco also said it hopes to reduce expenses by $75 million by the end of 2004, saying its expense structure exceeds that of other property casualty insurers.
The company hopes that going forward it can market its casualty and property products through a common network of independent distributors supported by a common sales, service and technology platform.
The focus on property and casualty business will include auto, homeowners and small commercial insurance.
"Safeco's best course for the future is to have a strong property and casualty focus, delivering nearly all of our products over the same sales and service platform, and through a common network of independent distributors," said Mike McGavick, chairman and CEO of Safeco.
Goldman Sachs ...
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