A Windsor-based life insurance and annuities business unit sold by the Hartford Financial Services Group in 2018 could soon change hands again.
Talcott Resolution Life Insurance Co.’s owners announced Wednesday that they had agreed to sell the company to global investment firm Sixth Street for $2 billion. Talcott would remain headquartered in Windsor under the leadership of current President and CEO Pete Sannizzaro, they said.
The deal is expected to close by June, subject to regulatory approvals.
The existing Talcott ownership group is led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, J. Safra Group, and The Hartford, which retained a nearly 10% stake in Talcott when it sold the business for $2.05 billion in June 2018.
Talcott manages more than $90 billion in liabilities and surplus for approximately 900,000 customers, including nearly 600,000 annuity contract holders.
Headquartered in San Francisco, Sixth Street manages more than $50 billion in assets and invests in the insurance sector through its Sixth Street TAO platform.
“The Talcott Resolution team has a proven ability to initiate, execute, and deliver results and we look forward to continuing what the consortium started through their strategic investment in the company’s growth,” Sixth Street CEO Alan Waxman said in a statement.
Talcott Chairman Richard Carbone described the pending sale as “a highly successful outcome for the company and the entire investor group.”
