Financial Services
Citi's Primerica Seeks $100M Through IPO
Stock quotes in this article:C
"Becoming a public company is an opportunity to align the interests of our independent sales force and our employees with our future performance," Primerica co-CEO Rick Williams said.
Citi will continue to receive a significant stream of income from the Primerica business through reinsurance arrangements covering term life insurance policies in place as of December 31, 2009. At the completion of the offering, Citi intends to divest its remaining interest in Primerica as soon as is practicable, it said. All of the shares to be sold in the offering -- a number that is as yet undetermined -- will be sold by Citi, and the company is acting as sole book-running manager for the proposed sale. --Written by Laurie Kulikowski in New York.TheStreet Premium Services
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