Philadelphia Financial Snags Hartford Unit For $117M

Law360, New York (December 5, 2011, 5:23 PM EST) -- Philadelphia Financial Group Inc., an insurance provider for ultra-high net worth individuals, is set to buy Hartford Financial Services Group Inc.'s private-placement insurance unit for $117.5 million, the companies revealed Monday.

Philadelphia Financial will acquire all assets of the unit, Hartford Life Private Placement Inc., in the transaction, which is expected to close in the second quarter of 2012 pending regulatory approvals, according to the companies.

“This transaction allows the Hartford to further focus on its core business,” David Levenson, Hartford Financial Service's wealth management president,...
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