Talcott Resolution Purchases Hartford Annuities
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 Annuity was renamed Talcott Resolution Life Insurance Company.
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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.
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Talcott Resolution Acquires The Hartford Annuity Business
Hartford Financial Services created Talcott Resolution to cope with the effects of the recession, low-interest rates, and new accounting rules 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.
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
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 Led 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 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 its offices in Windsor and Woodbury.
Talcott Annuity Contact Info
If you own a Hartford Annuity you will no longer access and manage your policy at TheHartford.com. Contact Talcott Annuity Customer Service with any questions or requests regarding your Hartford Annuity Policy.
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Talcott Resolution Hires a JP Morgan Dealmaker
On 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.
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Talcott Resolution Life and Annuity Ratings
Talcott Resolution Life and Annuity Companies Insurance Company ratings have been affirmed with a stable outlook by A.M. Best, Moody’s, and Standard & Poors.
|A.M. Best1||Moody’s2||Standard & Poor’s3|
|Talcott Resolution Life Insurance Company||B++||Baa3||BBB|
|Talcott Resolution Life and Annuity Insurance Company||B++||Baa3||BBB|
1 As of May 11, 2021.
2 As of July 6, 2020.
3 As of December 8, 2020.
Frequently Asked Questions
On May 31, 2018, the sale of The Hartford Annuity to a group of investors was announced and Talcott Resolution becomes an independent insurer. As a result, Hartford Life Insurance Company is renamed Talcott Resolution Life Insurance Company.
The Hartford was sold to Talcott Resolution on May 31, 2018. Following the sale, Talcott Resolution is now an independent, stand-alone insurance company.