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Report: New York Life trying to sell Mexican unit

New York Life Insurance Co. is looking for a buyer for Mexican unit Seguros Monterrey, The Insurance Insider reported Dec. 12.

The company has received bids for the insurer, but they have not come in the $1.2 billion to $1.5 billion range that New York Life wants for the property, the news outlet reported.

The insurer has hired Credit Suisse to find a buyer, the report said.