Talcott Resolution Purchases Hartford Annuities
Hartford Annuities was king of the hill in the U.S. annuity market for most of the 1990s and early 2000s. They suffered grave damage in 2008, as the Great Recession rolled in.
Hartford Annuities announced it was exiting the annuity business in March 2012 and were officially sold in May 2018. Talcott Resolution became a totally independent insurer and The Hartford was renamed Talcott Resolution Life Insurance Company. If you would like to login to your Hartford Annuity (Talcott Resolution Annuity) you may jump directly to Hartford Annuity Login and contact information.
Hartford Financial Services Group, Inc. announced it was exiting the annuity business to focus on its property and casualty insurance, group benefits, and mutual funds businesses in March of 2012.
Their shares rose more than 6% in pre-market trading that morning.
The announcement came just a month after hedge fund manager, John Paulson, urged Hartford to spin off its property and casualty insurance business. At that time Paulson’s hedge fund, Paulson & Co. Inc., owned an 8.4 percent stake in Hartford. Hartford agreed to consider Paulson’s plan but emphasized a breakup would be difficult.
On April 27th, Hartford ceased its annuity sales decreasing its annual expenses by approximately $100 million.
Hartford Annuities Now Talcott Resolution and Life Insurance Company
Hartford Financial Services created Talcott Resolution to cope with the effects of the recession, low-interest rates and new accounting rules had on Hartford Life’s large block of variable annuity business.
Talcott Resolution has operated the businesses in “runoff mode.” That means the managers collected premiums and other payments from the customers but made no efforts to sell new life insurance policies or annuities.
Divestitures and in-force management actions to mitigate risk
The company successfully executes multiple complex divestitures:
- January 1, 2013 – Retirement plans are re-insured to Mass Mutual.
- January 2, 2013 – Individual life insurance is re-insured to Prudential Financial, Inc.
- July 1, 2014 – Japanese annuity subsidiary, Hartford Life Insurance K.K. is sold to ORIX Life Insurance Corporation.
Besides, Talcott Resolution offers in-force annuity customers product options that provide them flexibility in how they use their benefits while advancing the goal of decreasing the risk on our closed blocks of businesses.
They have offered many of their existing variable annuity policyholders early “buy-out” offers greater than the account value of their annuity. This helps to eliminate their liabilities of guaranteed lifetime income options.
Today, Talcott Resolution owns four separate insurance companies:
- American Maturity Life Insurance Company
- Talcott Life Insurance Company
- Talcott Resolution Life and Annuity Insurance Company
- Talcott Resolution International Life Reassurance Corporation
If you’d like to know more about these companies you can access the most recently filed Annual Statutory Statements for each of Talcott Resolution owned insurance companies here.
The Hartford Enlists JP Morgan to help with Annuity Selloff
On September 22nd, 2016 The Hartford announced it would begin working with JPMorgan Chase & Co. in an attempt to find a buyer for Talcott Resolution.
A Credit Suisse Group of analysts led by Ryan Tunis estimated the Talcott Resolution was worth $3 to $4 Billion.
Cornell Capital - Lead Group Purchases Talcott Resolutions
On May 31st, 2018 a group of investors led by Cornell Capital LLC announced the closing of their purchase of Talcott Resolution. Hartford Financial Services said the final deal value includes $2.05 billion in consideration.
The new owners of Talcott Resolution were not immediately talking about the possibility of selling new insurance policies or annuity contracts.
The group’s attorney told Connecticut insurance regulators in a letter that the investor group expects to focus on separating the Talcott Resolution businesses from Hartford Financial Services.
“The applicants do not have any specific strategic growth initiatives identified, but in the longer term, they will assess opportunities to take advantage of Talcott Resolution’s strengths,” Goddard wrote in the letter.
Talcott has closed their Hartford offices but has kept their offices in Windsor and Woodbury.
Talcott Resolution Hires a JP Morgan Dealmaker
March 6th, 2020 Talcott Resolution Life Announced they have hired Peter Manley to be head of Corporate Development and Strategy.
Talcott says Manley will be ”responsible for overseeing the development and execution of the company’s growth strategy.”
Manley previously was a managing director in J.P. Morgan’s financial institution’s group. He worked on MetLife’s spinoff of Brighthouse Financial, and Athene’s acquisition of Aviva U.S.
In September, Manley was a faculty member for a New York City Bar Association program on mergers and acquisitions for insurance businesses. He participated in a panel discussion on transaction nuts and bolts. Maybe Hartford is planning something.
Talcott Resolution and Life Insurance Company Contact Information
Talcott Annuity Login (Hartford Annuity Login)
If you own a Hartford Annuity you will no longer access and manage your policy at TheHartford.com. Talcott Resolution Life Insurance Company has fully taken over the servicing of Hartford Annuity Policies after their purchase of Hartford Annuities on May 31, 2018.
Click the below to access your Hartford Annuity via the new Talcott Annuity Login.
Talcott Resolution and Life Insurance Company Phone Number
Contact Talcott Resolution and Life Insurance Company Customer Service with any questions or requests regarding your Hartford Annuity Policy. The Talcott Annuity Service Phone Number is: 1-800-862-6668.
- Monday-Thursday: 8:00 a.m. – 7:00 p.m. EST
- Friday: 9:15 a.m. – 6:00 p.m. EST
You can hear your automated Hartford Annuity Account Balance 24 hours a day, 7 days a week by calling 1-888-488-2228.
Hartford Annuity Forms / Talcott Annuity Forms
Do You Need a Hartford Annuity to Assist You?
If you own a Hartford Annuity and your licensed agent is not available, we are happy to assist you in servicing, maintaining or transferring to a new annuity that may better meet your goals. If you are not 100% sure of the fees, features, riders and investment allocation options in your existing annuity you may be a candidate for our complimentary Annuity Review Service.