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HARTFORD, Conn.--The Hartford Financial Services Group Inc. has agreed to sell its medical stop loss insurance business to National Benefit Resources Inc., the companies said.
The deal, announced Tuesday, includes about $200 million in stop-loss premium volume that Hartford currently provides to more than 800 self-funded employers.
Golden Valley, Minn.-based NBR is a unit of Minnetonka, Minn.-based UnitedHealth Group Inc. and underwrites stop-loss coverage. The coverage limits self-funded employers' medical liability.
All 102 employees currently working for Hartford's stop-loss business unit will be offered positions at NBR, the companies said.
The transaction is expected to close in April. Terms of the deal were not disclosed, but Hartford said the arrangement allows it to focus on its group disability and life business.