I would be very wary of purchasing and trying to bolt on to...

I would be very wary of purchasing and trying to bolt on to existing operations - particularly in insurance. There is only a handful of operators successfully able to do this and do it right. The behemoth QBE is one of those star few firms worldwide.

Paying down debt is probable but you would want the day to day operations (cash flow) to take care of this.
The favourite would be reducing the shares outstanding to the public. The fewer the owners the better. The fewer the owners with the same mindset & business direction, the better!