Safeco posted a nearly 25 percent drop in quarterly earnings yesterday as Chief Executive Mike McGavick said he was leaving, reportedly to make a run for the U.S. Senate.
Insurance industry sources in Washington said Mr. McGavick will announce an exploratory committee tomorrow to consider seeking the Republican nomination to run against U.S. Sen. Maria Cantwell, D-Wash. The Seattle Times reported Saturday he is the GOP consensus candidate.
The Seattle-based property-casualty insurer produced net income in the second quarter of $187.3 million compared to $247 million in the same period last year. It attributed the poorer showing to declining investment income and a rising combined ratio.
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