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CIGNA to Sell Insurer's Hartford, Conn., Retirement Unit to Prudential.
Knight Ridder/Tribune Business News, November, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 13--CIGNA Corp. could announce, as soon as today or Friday, a deal to sell its Hartford-based retirement business to Prudential Financial Inc.
Spokesmen for the two companies wouldn't comment, and an agreement might take longer.
However, when it does come, the announcement is not expected to include a substantial reduction in the workforce of CIGNA Retirement & Investment Services.
Analysts predict the unit could be sold for $2 billion or more.
The CIGNA unit has about 1,900 employees -- 1,200 in Hartford. It isn't certain whether, over time, the local workforce would be trimmed. But Prudential, sources say, is expected to maintain a...
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