INSURANCE

Xerox Sells Insurance Management Business: The Stamford, Conn.-based company, continuing its efforts to exit the financial services business, said it sold the assets of its First Quadrant Corp. insurance investment management segment to American Re Asset Management Inc., based in Florham Park, N.J. Financial terms were not disclosed. Xerox Corp. said it plans to redeploy its capital into the more profitable document-processing business. The insurance investment management segment of First Quadrant had $7 billion in assets under management as of June 30. The sale does not involve First Quadrant’s institutional management segment in Pasadena, which manages $10.3 billion in assets for third-party institutional clients.