Berkshire Hathaway-owned Columbia Insurance Company will buy UK variable annuity business for $285m
The Hartford has signed a definitive agreement to sell its subsidiary, Hartford Life International Limited (HLIL), in a cash transaction to Berkshire Hathaway-owned Columbia Insurance Company for about $285m.
At closing, HLIL’s sole asset will be its subsidiary, Hartford Life Limited (HLL), a Dublin-based company that sold variable annuities in the UK from 2005 to 2009.
“The Hartford has made significant progress reducing the size and risk of Talcott Resolution’s legacy variable annuity blocks and the business unit is now self-sufficient from a capital perspective,” said The Hartford’s chief financial officer Christopher Swift. “Selling the UK business is another meaningful step forward.”