Philadelphia Financial Group Inc. announced will pay $117.5 million for all of the assets of Hartford Life Private Placement LLC (HLPP) from The Hartford Financial Services Group Inc.

Following regulatory approvals and closing conditions, expected in 2012, Philadelphia Financial will service $35 billion in HLPP’s private placement insurance business, which includes insurance and wealth management services for consumers and businesses worldwide, administers corporate and bank owned life insurance, institutionally owned group annuity contracts, and individual ultra-high net worth private placement life insurance products.

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