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Hanover Sells Last Life Block

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A New England insurer has sold its remaining run-off life business to Commonwealth Annuity and Life Insurance Company.

Commonwealth Annuity, Southborough, Mass., a unit of Goldman Sachs Group Inc., New York, acquired First Allmerica Financial Life Insurance Company from Hanover Insurance Group Inc., Worcester, Mass.

Hanover, once known as Allmerica, began getting out of the life and annuity business and focusing on property-casualty operations in 2002, after a stock market slump hurt its variable annuity operations.