Hanover Insurance Group Inc. says it has closed on a previously announced sale of its run-off variable life and variable annuity businesses to Goldman Sachs Group Inc.[@@]
Goldman Sachs, New York, will pay a total of about $347 million for the operations, according to Hanover, Worcester, Mass.
Hanover, formerly known as Allmerica Financial Corp., got out of the life and annuity business to focus resources on its property-casualty operations.
Hanover says it has received approval from the Massachusetts Division of Insurance to take a dividend of $40 million from its retained life business, First Allmerica Financial Life Insurance Company, as a result of the completion of the Goldman Sachs deal.
