The Hartford completes divestiture of Talcott Resolution

The Hartford has been focusing on using artificial intelligence, machine learning, cloud and data analytics to digitally transform its operations. The annual ICT spending of The Hartford was estimated at $1 billion for 2021. A major share of this spending is earmarked for acquiring softwar

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.


11 Blog posts