The Travelers
The Travelers is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
The Travelers Life & Annuity Company was once a subsidiary of Citigroup, Inc., the parent company of the Travelers Group insurance companies. While Travelers continues to offer auto, homeowners and many other types of insurance, the company no longer sells the Travelers life insurance policies. Citigroup sold Travelers Life & Annuity to MetLife, whereupon the company became MetLife Insurance Company of Connecticut. MetLife no longer provides Insurance quotes for the old Travelers life insurance, and the company exists mainly to support existing policies.
The Sale of Travelers Life
Citigroup and MetLife hashed out the deal that allowed MetLife to acquire Travelers Life & Annuity in 2004, and they completed the deal in 2005. The sale total was $11.5 billion and included not only Travelers Life & Annuity but also Citigroup's international insurance companies.
In 2004, the companies sold to MetLife posted total revenues of $5.2 billion, a combined net income of $901 million and total assets of $96 billion. That same year, MetLife's total revenue was $29 billion, net income was $2.2 billion and total assets were $373.5 billion.
The terms of the transaction gave Citigroup $1 billion to $3 billion in MetLife equity securities with the rest in cash. After taxes, the gain was about $2 billion. MetLife financed the cash portion of the deal, which increased the company's debt and prompted Standard & Poor's to review MetLife's "A" credit rating.
After the sale, MetLife became the largest individual life insurance company in North America. The company experienced an immediate cost-savings of $150 million and increased revenue 2006.
All the Travelers life insurance policies continue to be valid and supported by MetLife's new division, which the corporation renamed to MetLife Insurance Company of Connecticut. However, new policies equal to those of the Travelers life insurance policies are not for sale. MetLife is directing new customers to MetLife's current life insurance offerings.
MetLife Insurance Quotes
MetLife life insurance issued in lieu of the Travelers life insurance policies is available in several types. Term life insurance is the most popular for younger families because it is the most affordable and flexible option when the insured does not have a lot of assets to protect, but is looking more toward the protection of his or her family. MetLife term life insurance is perfect to help families continue to pay their mortgage, pay off debt and put the kids through college.
MetLife's other insurance options include whole life, universal life, variable universal life and survivorship insurance.
While the Travelers life insurance policies are no longer available for sale, MetLife provides a large selection of comparable policies for consumers. Individual life insurance quotes are available from MetLife and through licensed brokers.
Free Insurance Quotes
The Travelers is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
The Travelers Life & Annuity Company was once a subsidiary of Citigroup, Inc., the parent company of the Travelers Group insurance companies. While Travelers continues to offer auto, homeowners and many other types of insurance, the company no longer sells the Travelers life insurance policies. Citigroup sold Travelers Life & Annuity to MetLife, whereupon the company became MetLife Insurance Company of Connecticut. MetLife no longer provides Insurance quotes for the old Travelers life insurance, and the company exists mainly to support existing policies.
The Sale of Travelers Life
Citigroup and MetLife hashed out the deal that allowed MetLife to acquire Travelers Life & Annuity in 2004, and they completed the deal in 2005. The sale total was $11.5 billion and included not only Travelers Life & Annuity but also Citigroup's international insurance companies.
In 2004, the companies sold to MetLife posted total revenues of $5.2 billion, a combined net income of $901 million and total assets of $96 billion. That same year, MetLife's total revenue was $29 billion, net income was $2.2 billion and total assets were $373.5 billion.
The terms of the transaction gave Citigroup $1 billion to $3 billion in MetLife equity securities with the rest in cash. After taxes, the gain was about $2 billion. MetLife financed the cash portion of the deal, which increased the company's debt and prompted Standard & Poor's to review MetLife's "A" credit rating.
After the sale, MetLife became the largest individual life insurance company in North America. The company experienced an immediate cost-savings of $150 million and increased revenue 2006.
All the Travelers life insurance policies continue to be valid and supported by MetLife's new division, which the corporation renamed to MetLife Insurance Company of Connecticut. However, new policies equal to those of the Travelers life insurance policies are not for sale. MetLife is directing new customers to MetLife's current life insurance offerings.
MetLife Insurance Quotes
MetLife life insurance issued in lieu of the Travelers life insurance policies is available in several types. Term life insurance is the most popular for younger families because it is the most affordable and flexible option when the insured does not have a lot of assets to protect, but is looking more toward the protection of his or her family. MetLife term life insurance is perfect to help families continue to pay their mortgage, pay off debt and put the kids through college.
MetLife's other insurance options include whole life, universal life, variable universal life and survivorship insurance.
While the Travelers life insurance policies are no longer available for sale, MetLife provides a large selection of comparable policies for consumers. Individual life insurance quotes are available from MetLife and through licensed brokers.
