HARTFORD, Conn. -- The Hartford Financial Services Group hasagreed to purchase Chicago-based CNA Financial Corp.'s group benefitsbusiness for an estimated $500 million, the insurance companiesannounced Monday.
Under the deal, Hartford will buy CNA's group life and accidentinsurance operations and its short- and long-term disabilitybusiness. Some specialty businesses will also be sold, officialssaid. The combination could result in elimination of 10 percent ofthe combined work force of about 3,300 people in the operation'sbusiness, a Hartford spokeswoman said.
Hartford hopes to complete the deal by the end of the year. Thedeal requires regulatory clearance.
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