Hanover Insurance Group Inc. says it will be disposing of a life insurance operation it began shutting down in 2002.
Hanover, Worcester, Mass., the old Allmerica Financial Corp., says it has agreed to sell First Allmerica Financial Life Insurance Company, a run-off life insurance business, to Commonwealth Annuity and Life Insurance Company, a unit of Goldman Sachs Group Inc., New York.
Hanover says it will be asking Massachusetts insurance regulators for permission to take $160 million from First Allmerica before completing the deal.