Turning its back on the
ultra-high net worth private placement insurance sector, US insurer
The Hartford Financial Services Group has sold its Hartford Life
Private Placement (HLPP) unit to Philadelphia Financial Group (PFG)
in a $117.5m cash deal.
Under the agreement PFG, a
specialist in the ultra-high net worth private placement insurance
sector, will enter into a long-term agreement with The Hartford
whereby PFG will service the $35bn in private placement insurance
business previously serviced by HLPP.
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“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,” PFG CEO
John K Hillman said in a statement.
HLPP provides 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.
