Metlife looks to buy Travelers Insurance and sell RGA
Citigroup has announced that it has signed a definitive agreement to sell Travelers Insurance Company and Travelers Life and Annuity Company, among otherlife insurance entities, to MetLife for $11.5 billion. Citigroup says the sale is the result of a desire to focus on businesses with higher return and growth characteristics.
MetLife has said that it could sell its 52% ownership stake in Reinsurance Group of America (RGA) to provide a portion of the cash financing for the planned acquisition.Moody’s has downgraded Traveler
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