INSURANCE

Xerox Agrees to Sell Reinsurance Unit: The Stamford, Conn.-based company said it agreed to sell Constitution Re Corp. to Exor Group for more than $400 million cash. The pending sale marks another step in Xerox’s 2-year-old plan to shed its financial services and insurance units and focus on its core business. Constitution Re Corp. is the New York-based parent of Constitution Reinsurance Corp., a reinsurer mainly for domestic regional and specialty insurance companies. The company wrote net premiums of $454 million in 1993. Exor Group is an international investment holding company based in Luxembourg.