Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers
HARTFORD, Conn., April 2, 1996 — Aetna (NYSE: ΑET) said
today that it has completed the previously announced sale
of its Property/Casualty operations to The Travelers
Insurance Group Inc. for total consideration of $4.1
billion.
"The closing of the sale of our Property/Casualty
business completes a major phase in Aetna’s
transformation from a traditional multiline insurer to a
growth company focused on leading edge health care and
retirement services, in both the U.S. and selected
international markets," Aetna Chairman Ronald E.
Compton said.
As part of the P/C sale agreement, Travelers has assumed
eight years of Aetna’s lease at CityPlace in
downtown Hartford. Aetna has previously announced that it
will take a $190 million after-tax charge for its
remaining CityPlace lease obligation in conjunction with
the close of the transaction.
For more information about Aetna Inc., please visit the company's website at
www.aetna.com.
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