Hartford Sells Reinsurance Biz to Endurance

The Hartford Financial Services Group Inc., (NYSE: HIG) has sold most of its property-casualty reinsurance business to Bermuda-based Endurance Specialty Holdings Ltd. (NYSE: ENH). The companies did not disclose terms of the deal. The transaction includes the sale of renewal rights for existing business and the transfer of the majority of the unearned premium reserves as of April 1, 2003. To facilitate the transaction, The Hartford will continue to service the business for a period of time. It will handle the retained business in run-off. The Hartford Monday announced its intention to e...