The Hartford Financial Services Group has completed the sale of its Hartford Life Private Placement unit to Philadelphia Financial Group.
The transaction, valued at $117.5 million, was first announced last December. Philadelphia Financial Group is a Philadelphia-based company that specializes in ultra-high net worth private placement insurance market. The company announced the deal’s completion this week.
The Hartford Life Private Placement unit is based in Florham Park, N.J. It 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.
The unit has a $35 billion corporate and private insurance portfolio, which will now be managed by Philadelphia Financial. 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.
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