Billionaire Warren Buffett’s Berkshire Hathaway Inc. agreed to take on Hartford Financial Services Group Inc.’s U.K. variable-annuity business, adding $1.75 billion in assets under management.
Berkshire will pay $285 million in cash for Hartford Life International Ltd., which sold the annuities from 2005 to 2009, according to a statement today from Hartford, which is based in the Connecticut city of the same name. The deal will cut second-quarter earnings by about $110 million, Hartford said.
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