Sixth Street has agreed to acquire Talcott Resolution Life Insurance Company — what’s left of Hartford Financial Services Group Inc.’s old life and annuity operations, Talcott Resolution announced Wednesday.
The price was not disclosed.
Richard Carbone, Talcott Resolution’s chairman, described the deal with Sixth Street as a sale. The companies hope to close on the deal by June 30.
Sixth Street intends to keep Talcott Resolution’s headquarters in Windsor, Connecticut, and to keep Pete Sannizzaro in place as Talcott Resolution’s president and chief executive officer, according to Talcott Resolution.
Sixth Street is a San Francisco-based investment firm that was once affiliated with TPG. It manages about $50 billion in investments. The list of companies in its investment portfolio includes Airbnb, Paycor, PayScale and PaySimple.
Hartford Financial Services Group Inc. is a big, Hartford-based multi-line insurer that was generating billions of dollars in annuity sales each year in the early 2000s. The company had about $190 billion in assets in 2007, but it then suffered from the effects of the 2007-2009 Great Recession.
Hartford Financial formed Talcott Resolution to hold the operations that were hit hard by the Great Recession.