Connecticut Officials Weigh In On MetLife-Travelers Deal
Connecticut Attorney General Richard Blumenthal says he will appear before the state Department of Insurance to oppose MetLifes planned acquisition of Travelers Life & Annuity.
Blumenthal says he will ask the DOI to kill the deal on the grounds that it would wipe out numerous jobs in Hartford.
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“This acquisition is against the public interest because it will destroy jobs, damage our economy and disadvantage families,” Blumenthal says in a statement. “My message to MetLife is simple: Keep jobs in Hartford or keep your hands off Travelers.”
The DOI has not yet scheduled a hearing on the acquisition. A spokeswoman says the department is still awaiting information from MetLife needed to complete its application for state approval of the deal.
Among other details, the DOI asked MetLife for more information about assets included in the deal, a description of how the two companies businesses complement each other and an explanation of why the acquisition is in the public interest.
MetLife, New York, offered in January to acquire Travelers Life from Citigroup Inc., New York, for $11.5 billion.
MetLife announced last week that it plans to offer 1,400 “ongoing positions,” including 1,100 jobs in Hartford, to Travelers Lifes 2,000 employees.