The Hartford Financial Services Group agreed to sell its Retirement Plans business to Massachusetts Mutual Life Insurance Co. for $400 million in early September. The $400 million cash deal is structured as a reinsurance transaction and is expected to close by the end of 2012, according to The Hartford’s 8-K filing with the Securities and Exchange Commission (SEC).
“The agreement marks the second of three planned business sales as we continue to make good progress executing on our strategy,” said Liam McGee, chairman, president and CEO of The Hartford, in a statement. “With The Hartford’s sharper focus on its historical strength in insurance underwriting, along with efforts to improve expense efficiencies, increase capital generation and reduce market risks, we are on the right path to deliver greater shareholder value.”
Earlier this year, The Hartford signed a definitive agreement to sell its independent broker-dealer, Woodbury Financial Services, to AIG’s Advisor Group. This news came after The Hartford said it would exit the variable annuity and life insurance businesses to focus on its property and casualty insurance business.