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Although specialty books of business are typically smaller than potential standard-lines acquisition targets, what makes them so appealing is that some run at combined ratios below 90, says Jerry Theodorou, vice president of insurance research & publications for Conning in Hartford, Conn. Firms with those sorts of numbers became very attractive in 2010, says Theodorou, author of Conning’s annual report on insurance M&A trends released in March.
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