The Hartford Agrees to Sell Run-Off Life and Annuity Business to Investor Group
On December 4, 2017, The Hartford Financial Services Group, Inc. (HIG) announced an agreement to sell its run-off life and annuity business (dubbed “Talcott Resolution”) to six institutional investor groups for a total of $2 billion. The purchase price includes HIG receiving both cash proceeds and a 9.7% stake in the new company, with the new entity assuming $150 million of debt.