Property and casualty companies took big bites of general obligation bonds offered on a competitive basis yesterday by Pennsylvania, Georgia, and Vermont.

"It's in great shape," J.P. Morgan Securities Inc. managing director Peter T. Clarke said of the $290.6 million Pennsylvania deal his firm won with a true interest cost of 6.5879%. Late in the day, all but $38.8 million of the bonds had been placed with investors.

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