Business Services Industry
Travelers, St. Paul Deal 'A Merger of Equals'.
Knight Ridder/Tribune Business News, November, 2003
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 18--Two new deals rocked Hartford's ever-changing insurance industry Monday, one promising some new jobs but the loss of a corporate flag.
Hartford-based Travelers Property Casualty Corp., which gained its independence from Citigroup just 15 months ago, plans to merge with Minnesota's St. Paul Cos.
CIGNA Corp., trying to turn around its ailing health insurance business, late Monday announced as expected that it will sell its retirement plan business to Prudential Financial Inc. for $2.1 billion.
The deals leave Hartford's reputation as an insurance capital intact but raise more anxiety for workers over the future of the industry here....
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