Citigroup planning to sell Prime Re

April 1, 2015 5:35 PM

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April 1 (Reuters) - Citigroup Inc is planning to sell Prime Reinsurance Co, a unit created five years ago when the bank spun off its life insurance business, Primerica Inc , Bloomberg reported.

The unit, referred to as Prime Re, could draw interest from Reinsurance Group of America Inc, Resolution Re and other companies that buy blocks of complex insurance contracts, Bloomberg reported, citing people with knowledge of the matter. (bloom.bg/1GLGZHB)

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