Just more than a month after The Hartford announced that they were placing their annuity business into runoff and trying to sell other businesses, the company announced the sale of its individual annuity business capabilities—consisting of product management, distribution and marketing units, as well as a suite of products being sold—to Houston-based Forethought Financial Group.
“Over the last 12 months, our individual annuity team has done a tremendous job rebuilding our market presence through differentiated products and best-in-class distribution,” said David N. Levenson, president of The Hartford’s Wealth Management division. “Building on this track record, I am confident the business will thrive under Forethought’s ownership.”
The majority of the current employees who support The Hartford’s individual annuity business capabilities will be offered positions with Forethought. As part of the agreement, The Hartford will continue to write new annuity products during a transition period; Forethought will assume all expenses and risk for these sales through a reinsurance arrangement. The agreement does not include The Hartford’s in-force annuity book of business.
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