Prudential top bidder for Hartford life insurance business: Bloomberg
Posted 2012/08/18 at 6:44 pm EDT
CHICAGO, Aug. 18, 2012 (Reuters) ? Insurer Prudential Financial Inc. has emerged as the top bidder for the individual life insurance business of rival The Hartford Financial Services Group Inc, a sale that could be worth roughly $1 billion, Bloomberg reported on Saturday.
A possible deal between the No. 2 U.S. life insurer Prudential
Under pressure from hedge fund manager and shareholder John Paulson, The Hartford said in March that it was shedding most of its life insurance-related businesses and focusing on property insurance.
At the end of July, it struck a deal to sell its Woodbury Financial Services brokerage unit to insurance giant American International Group Inc.
Among the other companies interested in The Hartford's life insurance business is Birmingham, Alabama-based Protective Life Corporation
Prudential and The Hartford declined to comment. Protective did not immediately return requests for comment.
(Reporting By Eric Johnson; Editing by Xavier Briand)
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