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Hartford sells Omni auto unit for $100 mln

 by Reuters
 Jul 19,2006

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NEW YORK, July 19 (Reuters) - Hartford Financial Services Group Inc. (HIG.N: Quote, Profile, Research), among the largest U.S. insurers, on Wednesday said it agreed to sell its Omni Insurance Group to Independent Insurance Investments Inc. for about $100 million.

The Hartford, Connecticut-based company said it bought Omni, a non-standard auto insurer in 1998, but that since then it developed its own programs to address this market. The Hartford said the sale, to be completed in the fourth quarter, will result in an immaterial after-tax gain.

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© Reuters 2006. All Rights Reserved.



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