MetLife under fire as regulators verification plan merger
Mayor Eddie Perez MetLife Tuesday criticized the proposed acquisition of Travelers Life & Annuity, require significant changes in the company of the proposal to retain jobs and alleviating the economic impact of the capital in Connecticut.
In a consultation by the State Department of Insurance to examine the $ 11.5 billion deal Perez, the State Attorney General Richard Blumenthal and community activists asked the regulatory authorities to push insurers to increase great commitment to the preservation of jobs in Hartford.
“This transaction means that much less pay insurance High jobs in the city to support new investment in retailing and housing,” said Perez regulatory authorities. “Authorization of $ 11.5 billion this transaction under current conditions, which flies in the face of common sense, because we are easier to pass the official development assistance dollars for the economic damage caused.
MetLife Inc. told the regulatory authorities, it has more than 50 boxes of documents demonstrating that it meets all legal requirements of the state.
“MetLife is concerned with the public interest and other states of Connecticut, which manages its affairs,” Ellen Dunn, a lawyer as a representative of the New York-based on life insurance, said the authorities regulator.
State Act requires the Commissioner to authorize insurance most mergers or acquisitions.
Commissioner Susan Cogswell must determine whether the merger would substantially reduce competition or create a monopoly at risk the financial stability of the insurance company or against the license business. It may also consider a proposed merger is in the public interest.
The proposed merger has been under fire in Connecticut since the beginning of this year, MetLife announced that cut hundreds of jobs.
Dir M. Jodi Rell intervened and won a commitment from the insurer in April that the balance back job losses from 600, with a transfer additional 100 employees, reductions of 390 to 100 more jobs will be displaced.
A total of 1,310 jobs from 1800 to Hartford stay for at least one year with effect from 1 July, when the transaction is likely to be arrested.
In a letter to Cogswell, MetLife said it bring more jobs to Hartford from its individual activity, but not the number. He said he has no plans of all sectors written in Connecticut or “significantly reduce” from these companies in the state.
Cogswell has 30 days after the hearing to decide whether the State authorization of the merger.
MetLife unit increased by 3 cents to $ 44.10 in afternoon trading on the New York Stock Exchange.
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