Global Atlantic among investors in Hartford’s annuity unit
December 6, 2017 by The Business Record
The Hartford Financial Services Group Inc. said it will sell an annuities operation that it has been winding down since 2012 to a group of investors, the Wall Street Journal reported. The Connecticut-based insurer created the unit, Talcott Resolution, several years after the 2008-09 financial crisis to house the variable annuity business that had made it one of the hardest-hit U.S. life insurers during the market’s steep slide. As a “run-off” business, Talcott services existing insurance contracts but doesn’t sell new products. Among the Investors in the $2.05 billion deal is Global Atlantic Financial Group, which said in a release it is reinsuring approximately $9 billion of fixed annuities and other spread-based reserves. Global Atlantic’s life insurance operations are based in Des Moines.
