OFFICIALS PRESS METLIFE ON JOBS :

February 21, 2005

Gov. M. Jodi Rell and Connecticut’s U.S. senators are pressing MetLife for information about how its proposed acquisition of Travelers Life & Annuity will affect its work force in Connecticut. Rell wrote to MetLife chief executive Robert Benmosche, asking to discuss the company’s plans and “what, if anything, the state of Connecticut can do to help preserve and possibly add jobs here.” Sens. Joseph Lieberman and Christopher Dodd (both D-Conn.), also wrote to Benmosche, urging him that layoffs could damage the state’s economy.

MetLife announced an $11.5 billion deal with Citigroup to buy its Travelers Life & Annuity unit and nearly all of Citi’s international insurance business. The two companies, both based in New York, said the deal would make MetLife “the largest individual life insurer in North America, based on sales.” The deal already has been approved by both boards and is expected to close in the summer. Travelers and the international operations that are being sold to MetLife employ 2,000 people in Hartford. MetLife is planning $150 million in savings from the deal, but not all the savings will come from layoffs, the company says. MetLife spokesman John Calagna told Associated Press that MetLife is “committed to Connecticut” and over the years has increased its staff in the state. MetLife employs about 1,200 in the state, a 40 percent increase over two years.

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