American International Group’s (AIG) life and retirement
business SunAmerica Financial Group has signed a definitive
agreement with The Hartford to acquire its subsidiary, Woodbury
Financial Services.
Woodbury Financial Services will become part
of the SunAmerica Financial Group’s Advisor Group when the
transaction is finalised.
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The transaction is expected to be finalized by
the end of 2012, subject to required regulatory approvals and
customary closing conditions.
Patrick H. McEvoy will continue to serve as
Woodbury Financial’s President and CEO, reporting to Larry Roth,
president and CEO of Advisor Group.
Larry Roth, president and CEO of SunAmerica’s
Advisor Group, said: “Adding Woodbury Financial to our Advisor
Group network sends a clear message that we are absolutely
committed to the independent financial advisor business model. We
will continue to invest in our advisors to help them grow their
practices and better serve their clients.”
Liam E. McGee, the Hartford’s chairman,
president and CEO, said the agreement is the first of three planned
transactions announced in March as part of The Hartford’s strategic
decision to focus on its property and casualty, group benefits and
mutual funds businesses.
The Hartford said the sales process for its
Individual Life and Retirement Plans businesses are proceeding as
expected.
