WASHINGTON (dpa-AFX) - Citigroup Inc. (C) is preparing to sell Prime Reinsurance Co., a subsidiary created five years ago to ease the spinoff of life insurer Primerica Inc., Bloomberg reported citing people familiar with the matter.
The unit, known as Prime Re, could draw interest from Reinsurance Group of America Inc., Resolution Re and other firms that specialize in buying blocks of complicated insurance contracts, the report said quoting two of the people.
The report didn't provide a precise value for a sale of Prime Re.
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