Prudential Drops $615M For Hartford's Life Insurance Biz

Law360, New York (September 27, 2012, 7:27 PM EDT) -- A Prudential Financial Inc. unit will take over Hartford Financial Services Group Inc.'s individual life insurance business for $615 million, Prudential said Thursday, making it the reinsurance provider for 700,000 Hartford policies.

The move comes about a half-year after hedge fund founder John Paulson, Hartford's largest shareholder, called for a major shake-up at the company. In March, answering Paulson's calls, Hartford unveiled plans to break away from its individual annuity business and hinted that it would sell its life insurance, retirement and broker-dealer divisions.

Paulson, whose...
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