The Hartford Financial Services Group Inc has entered into exclusive negotiations with Assurances Generales de France to sell its Zwolsche Algemeene subsidiary in the Netherlands.
Zwolsche, which had 1999 revenues of $375 million and net income of $37 million, is a writer of property casualty insurance and a provider of financial services.
The Hartford acquired the company in 1977 from its former parent, ITT Corp. Zwolsche has about 600 employees in the Netherlands, Belgium and Luxembourg. The Hartford is one of the nation’s largest insurance and financial services companies, with 1999 revenues of $13.5 billion.
As of June 30, 2000, The Hartford had assets of $171.9 billion and shareholders’ equity of $6.3 billion. The company is a leading provider of investment products, life insurance and employee benefits; automobile and homeowners products; commercial property and casualty insurance; and reinsurance.
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