Triple-S Management Corporation has agreed to buy the Puerto Rican subsidiary of Great American Financial Resources Inc.[@@]
GAFRI, Cincinnati, says it expects to close the sale of its Great American Life Assurance Company of Puerto Rico unit to Triple-S in the first quarter of 2006.
GAFRI says it does not expect to record a material after-tax gain or loss on the sale.
GAFRI acquired the unit in 1997 for around $50 million. It says it will invest proceeds from the sale in core U. S. operations and focus on its annuity, supplemental and life insurance lines, according to S. Craig Lindner, GAFRI’s chief executive and president.