Insurer Hartford Financial Services Group Inc. finalized sale of its private placement insurance business targeting very wealthy clients for $117.5 million to Philadelphia Financial Group Inc.
Reinsurance Group of America Inc. financed the deal, officials said.
Hartford Life Private Placement LLC, based in Florham Park, N.J., is now part of Philadelphia Financial sometime next year, once the deal passes state regulatory muster, authorities said.
Both parties also signed a long-term servicing pact in which Philadelphia Financial will service the $35 billion in private placement insurance business previously serviced by Hartford Life Private Placement, officials said.
The Hartford has been selling off assets to focus on its core market of providing property-casualty insurance and group life and disability benefits and services.