Hartford Financial Services Group Inc. has finalized the $278 million sale of its third-party claims administrator business to a rival Tennessee claims administrator.
As previously disclosed when the deal was announced in late December, The Hartford nets about $150 million from the cash sale of its Specialty Risk Services unit to Memphis-based Sedgwick Claims Management Services.
About 50 of Specialty Risk’s 1,200 workers are in Connecticut. The acquirer has said it plans to extend comparable job offers to all SRS employees.
The sale is part of the Hartford insurer’s reorganization to refocus on its core property-casualty and wealth-management businesses.
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Sedgwick manages health claims for employers.
