Talcott Resolution, The Hartford’s run-off life and annuity businesses, has been acquired by an investor group led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group.
Although Talcott Resolution is no longer affiliated with The Hartford Financial Services Group Inc. or any of its subsidiaries, The Hartford will retain a 9.7 percent ownership interest in Talcott Resolution.
Talcott Resolution will now be an independent, stand-alone insurance company headquartered in Windsor, Conn., with an office in Woodbury, Minn. As part of the transaction, approximately 375 employees of The Hartford are now employees of Talcott Resolution.
After closing, the company expects to reinsure approximately $9 billion of its fixed annuity, payout annuity and structured settlement businesses with a subsidiary of Global Atlantic Financial Group.
Source: Talcott Resolution
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