Aetna Dumps A Troubled Unit
AETNA FINALLY SOLD ITS much-shopped property-and-casualty unit. The buyer: Travelers, which will pay $4 billion for a business that, before this year, had been wracked by huge environmental claims and underperforming real estate loans. Post-deal, Travelers will be a powerful force in homeowner, auto, and commercial insurance. And Aetna, which has signaled its desire to build a large presence in managed care, will get new capital from the deal. It probably will use the proceeds to shop for a health maintenance organization, say people close to the company.
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