Life Insurers Approved for Treasury Funds

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At least four U.S. insurers won approval on Thursday to raise billions of dollars through the government's bank bailout plan, the U.S. Treasury Department said.

Hartford Financial , the No. 4 U.S. insurer and beset by worries about capital, got preliminary approval to raise $3.4 billion via the Troubled Assets Relief Program, known as TARP.

Three other insurers that also secured a greenlight included Prudential Financial Inc Lincoln National Corp., and the Principal Financial Group a Treasury spokesman said.

The Wall Street Journal reported that Allstate Corp. and Ameriprise Financial Inc. have also been cleared.

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Posted By Daniel W. Gerber and Kimberly E. Whistler