Hartford said to enlist JPMorgan to sell annuity runoff business
September 22, 2016 by KATHERINE CHIGLINSKY, MATTHEW MONKS
Hartford Financial Services Group Inc. is working with JPMorgan Chase & Co. to see if the insurer can find a buyer for Talcott Resolution, the unit that includes U.S. variable annuities, according to people familiar with the matter.
Apollo Global Management LLC, Wilton Re Holdings Ltd., Berkshire Hathaway Inc. and JC Flowers & Co. are among potential bidders who have expressed interest, according to the people, who asked not to be identified because the deliberations are private. Talcott could fetch $3 billion to $4 billion in a sale, they said.
Talcott includes so-called runoff coverage, or segments where Hartford is no longer writing new contracts, and had about $4.7 billion of statutory capital at the end of June, according to financial statements. Click HERE to view the full story. LifeHealthPro articles require free registration to read.
