Hartford Sells Life Insurance Business For $2.05B

Law360, New York (December 4, 2017, 4:41 PM EST) -- Hartford Holdings Inc. has agreed to sell its life insurance and annuity businesses to a group of investors led by Cornell Capital LLC for $2.05 billion and an ownership stake, the insurer said Monday.

Hartford announced that it would be selling Talcott Resolution, its run-off life and annuity businesses, to an investor group consisting of Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. The purchase will be made with $1.44 billion in cash from the investor group, a preclosing cash dividend, debt and a 9.7 percent ownership stake in...

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