The Hartford Financial Services Group has agreed to sell its Woodbury Financial Services brokerage unit to New York insurer American International Group for $115 million.
The deal, which is expected to close by the end of 2012, is part of a plan unveiled by Hartford Financial CEO Liam E. McGee earlier this year to sell off some of the company’s non-core assets as it goes through a restructuring.
“Today’s 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,” McGee said. “Woodbury Financial is one of the most respected broker-dealers in the United States. The firm will transition to a buyer who recognizes the strengths of the business and the talent of the people, and is committed to the independent financial advisor.”
McGee said the sales process for Individual Life and Retirement Plans is proceeding as expected.
Woodbury Financial Services is based in Minnesota with approximately 1,400 registered representatives.
