Connecticut Attorney General Richard Blumenthal has stepped into the battle over 2,000 jobs at Travelers Life & Annuity.[@@]
MetLife Inc., New York, is in the process of acquiring the Hartford-based operation from Citigroup Inc., New York, for $11.5 billion in cash and stock, and it announced earlier this week that it may offer only 1,400 "ongoing positions" to Travelers' employees.
Blumenthal, a Democrat, now says he plans to appear before the Connecticut Department of Insurance to oppose the MetLife-Travelers Life deal.
"This acquisition is against the public interest because it will destroy jobs, damage our economy and disadvantage families," Blumenthal says in a statement. "My message to MetLife is simple: Keep jobs in Hartford or keep your hands off Travelers."
Connecticut Gov. M. Jodi Rell, a Republican, announced Monday that she may see what she can do to intervene with state insurance regulators to save jobs at Travelers.
The Connecticut department has not yet scheduled a hearing on the acquisition. Kathleen Kiernan-Pagani, a department spokeswoman, says the department sent MetLife an 11-page list of questions Tuesday and is waiting for more information from MetLife. Once MetLife completes the application, Connecticut Insurance Commissioner Susan Cogswell will have 30 days to schedule a hearing on the application.
