Hartford, Conn. (AP)—Hartford Financial Services Group Inc. (NYSE: HIG) is selling a subsidiary that provides insurance to wealthy customers for $117.5 million to Philadelphia Financial Group Inc.
Philadelphia Financial Group said Monday it expects to close the deal next year, assuming responsibility for servicing about $35 billion in private placement insurance business.
The subsidiary is Hartford Life Private Placement LLC, which is based in Florham Park, N.J. The division offers a variety of services for businesses and wealthy individuals. It provides insurance and wealth management services, administers corporate and bank-owned life insurance policies and runs institutionally owned group annuity contracts among other things.