AIG to Acquire Woodbury Financial from The Hartford

SunAmerica Financial Group, the life and retirement business of American International Group (AIG), has signed a definitive agreement with The Hartford Financial Services Group to acquire Woodbury Financial Services, an independent broker-dealer.

AIG says that, once the transaction is finalized, Woodbury will become part of the SunAmerica Financial Group’s Advisor Group, a network of independent broker-dealers. Patrick H. McEvoy will continue to serve as Woodbury’s president and CEO, reporting to Larry Roth, president and CEO of Advisor Group.

The transaction is expected to be finalized by the end of 2012, says AIG, subject to required regulatory approvals and customary closing conditions. Woodbury has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States.