Citigroup and GE Financial Assurance agreed Monday to a strategic alliance to underwrite and distribute long-term care insurance.GE, based in Richmond, Va., will acquire 90% of the long-term care insurance portfolio of Citigroup's Hartford, Conn.-based Travelers Life and Annuity division. The deal will also allow GE to sell its long-term care products through Citigroup's and Travelers' distribution channels.

"Our product expertise coupled with Travelers' distribution will allow us to serve a growing market," a GE spokesman said.

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