Hartford to promote property and casualty unit

Hartford Economic Services is looking to sell off its property and casualty subject, according to reports by Reuters and Bloomberg.

The struggling US-based insurer is hoping to captivate bids of up to $8 billion.

According to Citigroup estimates, Hartford’s P&C piece is worth between $4 billion and $8 billion.

Potential buyers number Allianz, Met Life, Munich Re, and Travelers, although it is not that clear whether any of these companies have been approached by Hartford.

Reaching the $8 billion quotation tag could prove difficult in the current economic climate as capacity buyers would struggle to raise this level of capital.

Hartford is selling disheartening units to cover large losses on investments during the credit crux.

Earlier this month, reports suggested that Hartford was trying to stock its life insurance unit to Canada-based Sun Life Financial, although talks between the two companies later collapsed without a behave.