HEALTH
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MetLife and Travelers OK New Venture: Metropolitan Life Insurance Co. and Travelers Inc. signed an agreement to merge their health insurance operations into a company focused on managed care. As part of the plan to finance the new venture--originally announced in June--MetLife will acquire Travelers’ group life and related group insurance businesses for $350 million. The combined MetLife and Travelers operation will create one of the largest commercial health insurance carriers, with 13 million enrollees and managed-care plans in 42 states. The companies expect to save $150 million a year in administrative costs through the merger.
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