Hartford Financial Services Group is selling all assets of its Hartford Life Private Placement unit to Philadelphia Financial Group Inc. for $117.5 million.
Hartford Life Private Placement, based in Florham Park, N.J., provides insurance and wealth management services for consumers and businesses. It also administers corporate and bank owned life insurance, institutionally owned group annuity contracts, and individual ultra-high net worth private placement life insurance products.
It has a $35 billion corporate and private insurance portfolio, which will now be managed by Philadelphia Financial when the deal is completed.
There are no anticipated changes to policy terms, investment managers, stable value agreements, pricing or service standards as a result of this transaction, the two companies said.
The buyer, Philadelphia Financial, is a Philadelphia-based company that specializes in ultra-high net worth private placement insurance market.
The two companies said all current employees at Hartford Life Private Placement are expected to transfer to Philadelphia Financial and continue to operate out of the New Jersey facility.
The Hartford said the sale is part of the company’s strategy to focus on its core businesses and strength. “We are very pleased to be entering into a long-term relationship with Philadelphia Financial,” said David Levenson, The Hartford’s president of wealth management. “This transaction allows The Hartford to further focus on its core businesses.”
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