Talcott Resolution, the Hartford Financial Services Group's run-off life and annuity business, has been sold.

Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, and J. Safra Group led a group of investors who purchased The Hartford in December 2017.

The deal is worth $2.75 billion, with $2.05 billion in total consideration and $700 million in retained tax benefits.
The deal stipulates that The Hartford will maintain a 9.7% ownership stake in Talcott Resolution, which will now operate as a separate insurance company.

The Hartford Enterprise Tech Ecosystem brand will be used by the new company. It will have an office in Woodbury, Minnesota, in addition to a location in Windsor, Connecticut.

About 375 The Hartford employees have joined the new company as part of the deal.

Christopher Swift, the CEO and chairman of Hartford, stated: Our exit from the run-off life and annuity businesses is complete as a result of this, and our exposure to the capital markets is significantly reduced. We now have a business mix that will enhance our ROE and earnings growth profile over time, as well as greater financial flexibility.