(Bloomberg) -- Citigroup Inc. is preparing to sell Prime Reinsurance Co., a subsidiary created five years ago to ease the spinoff of life insurer Primerica Inc., according to people familiar with the process.
The unit, based in Burlington, Vt. and known as Prime Re, could draw interest from Reinsurance Group of America Inc., Resolution Re and other firms that specialize in buying blocks of complicated insurance contracts, said two of the people, who asked not to be named because the process isn’t public.
Chief Executive Officer Michael Corbat is selling businesses such as subprime lender OneMain Financial Inc. and retail banks across Latin America to sharpen the Citigroup’s strategy. He’s waited to sell assets until values rose, and the market for reinsurers has picked up in recent months as firms expand and investors seek returns not tied to financial markets.
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