US insurer may not get the $8bn price tag from bidders
Struggling US insurer Hartford Financial Services is trying to sell its property and casualty business, with Allianz, Met Life, Munich Re and Travelers named as possible buyers, Reuters reports.
Hartford has retained Goldman Sachs, Reuters said.
Hartford's property-casualty business is worth about $8bn according to a Citigroup in February.
Reuters said Travelers, with a market capitalisation of about $2bn, could have trouble raising enough debt and equity to pay for a deal.
Allianz made a $2.5bn investment in Hartford last October, giving it a stake, and the ability to raise its ownership in future. But an Allianz spokesperson said: "The investment in the Hartford is purely financial, not strategic."
Hartford had a net loss of $2.75bn in 2008, reversing a net profit of $2.95bn the previous year.
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