NU Online News Service, Dec. 21, 11:03 a.m. EST
In a move said to be consistent with its current strategy, Hartford Financial Services said it is selling its third-party claims administrator to Sedgwick Claims Management Services for $278 million.
The transaction is expected to close during the 2011 first quarter. The insurer predicts an after-tax capital gain of about $150 million for its cash sale of wholly owned subsidiary Specialty Risk Services, LLC (SRS), The Hartford said in a statement.
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