Insurer Hartford Financial Services Group (HIG.N) is selling its Talcott Resolution in a deal valued at $2.05 billion after the business took a massive hit in 2012 during the financial crisis.
“…(The sale of Talcott) is the final step in our journey begun in March 2012, to exit the life insurance and annuity market,” Chief Executive Christopher Swift said. The sale is expected to improve future return on capital, the company said.
An investor group including Cornell Capital and Atlas Merchant Capital will buy Talcott and operate it as a standalone company, Hartford said.
Reuters