Hartford Financial Services Group Inc. announced Thursday a deal to sell its expertise marketing annuities to a third party, one day before the Hartford insurer-wealth manager formally shuts the door on selling new annuities.
The Hartford said the buyer is Forethought, a private Houston financial-services outfit. The Hartford is selling its capabilities tied to product management, distribution and marketing units, as well as the suite of products currently being sold.
Financial terms weren't disclosed.
In addition, an unspecified number of The Hartford's employees involved with annuities are being offered jobs with Forethought, authorities said.
The Hartford announced in March plans to exit annuity sales amid pressure from hedge-fund investor John Paulson, who is among its leading shareholders, for the insurer to break itself up to realize greater value for stakeholders.
It plans to focus on its property and casualty insurance, group benefits and mutual funds businesses.