The Hartford Financial Services Group has wrapped up the sale of Talcott Resolution, its run-off life and annuity business.

In December 2017, The Hartford announced the sale of the business to a group of investors led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook and J. Safra Group.

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The deal is valued at $2.75bn, including a total consideration of $2.05bn and $700m through retained tax benefits.

Under the terms of the deal, The Hartford will retain a 9.7% ownership interest in Talcott Resolution that will now become an independent stand-alone insurance company.

The new company will operate under the existing brand name of Talcott Resolution. It will be based in Windsor, Connecticut, and also have an office in Woodbury, Minnesota.

As part of the transaction, about 375 employees from The Hartford have joined the new company.

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The Hartford chairman and CEO Christopher Swift said: “This completes our exit from the run-off life and annuity businesses and significantly reduces our capital markets exposure. We now have greater financial flexibility and a business mix that will improve our ROE and earnings growth profile over time.”