November 7, 2017 / 1:28 AM / a year ago

BRIEF-Humana signs to sell closed block of commercial long-term care insurance business

Nov 6 (Reuters) - Humana Inc

* Humana signs definitive agreement to sell closed block of commercial long-term care insurance business

* Humana Inc -‍sale of stock of KMG America Corporation will also include a capital contribution of approximately $203 million of Humana parent company capital​

* ‍upon consummation, Humana will have no remaining exposure to commercial long-term care insurance business​

* Humana Inc says ‍ excluding loss on sale, company does not anticipate a material impact to earnings in 2017 or 2018 from sale of business​

* ‍Humana will fund transaction with approximately $203 million of parent company cash contributed into KMG​

* Humana -to sell stock of its unit KMG America Corporation to CGIC, owned by HC2 Holdings, Inc

* Humana inc says ‍expects to record a net loss associated with sale of KMG of approximately $400 million​

* Humana Inc says under terms Humana will transfer about $150 million of statutory capital​

* Humana Inc -‍cash savings from expected tax treatment of sale should more than offset capital contribution and statutory capital transferred by Humana​ Source text for Eikon: Further company coverage:

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