Insurer Hartford Financial Services Group Inc. is selling its private placement insurance business targeting very wealth clients for $117.5 million to Philadelphia Financial Group Inc.
Hartford Life Private Placement LLC, based in Florham Park, N.J., will become part of Philadelphia Financial sometime next year, once the deal passes state regulatory muster, authorities said.
Both parties also signed a long-term servicing pact in which Philadelphia Financial will service the $35 billion in private placement insurance business previously serviced by Hartford Life Private Placement, officials said.
The Hartford has been selling off assets to focus on its core market of providing wealth management financial products and services.
