Nestle to sell Gerber Life Insurance unit for $1.55 billion 

Nestle jumps into medicine business

Nestle said on Monday it would sell its Gerber Life Insurance unit to Western and Southern Financial Group for $1.55 billion in cash.

The deal will allow Cincinnati, Ohio-based Western & Southern Financial Group to market insurance products under the Gerber Life brand.

Nestle had announced earlier in February that it was exploring strategic options for its Gerber Life Insurance unit.