Philadelphia Financial to Acquire The Hartford’s Private Placement Insurance Operations for $117.5M

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.

“This acquisition significantly extends our market leading ultra-high net worth private placement franchise into the bank and corporate owned arena and provides a long-term relationship with The Hartford,” said John Hillman, CEO of Philadelphia Financial.

The Hartford’s president of wealth management said the transaction will allow The Hartford to “further focus its core businesses.” All current HLPP employees are expected to transfer to Philadelphia Financial and continue to operate out of the Florham Park, N.J., facility, the company said.

For reprint and licensing requests for this article, click here.
Policy adminstration
MORE FROM DIGITAL INSURANCE