WINDSOR, Conn., May 31, 2018 /PRNewswire/ -- Talcott
Resolution (the "Company"), The Hartford's run-off life and annuity
businesses, announced today the completion of the Company's
acquisition by an investor group led by Cornell Capital LLC, Atlas
Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial
Group, Pine Brook and J. Safra Group. Although Talcott Resolution
is no longer affiliated with The Hartford Financial Services Group,
Inc. or any of its subsidiaries, The Hartford will retain a 9.7 percent ownership
interest in Talcott Resolution.
"We are pleased to have successfully completed this
acquisition," said Richard Carbone,
Chairman and Independent Director of Talcott Resolution. "In
addition to continuing to manage the Company's existing businesses,
we expect that over time Talcott Resolution will explore
opportunities to acquire legacy blocks from other insurers, enter
into reinsurance agreements and evaluate the potential to be a
service provider for the life and annuity insurance industry."
Talcott Resolution will now be an independent stand-alone
insurance company, headquartered in Windsor, Connecticut, with an office in
Woodbury, Minnesota. As part of
the transaction, approximately 375 employees of The Hartford are now employees of Talcott
Resolution. After closing, the Company expects to reinsure
approximately $9 billion of its fixed
annuity, payout annuity and structured settlement businesses with a
subsidiary of Global Atlantic Financial Group.
"Working in partnership with the investor group, we are excited
about the opportunity to run and grow our platform of nearly
$90 billion in assets and more than
700,000 contract holders," said Pete
Sannizzaro, President and Chief Operating Officer of Talcott
Resolution. "Together we will maintain our reputation for high
quality risk management, continue to honor our obligations and
operate with integrity."
"I speak on behalf of the Board when I say that Talcott
Resolution's talented employees, wide array of capabilities and
reputation for exceptional customer service strongly position the
Company to pursue a broader strategy while providing continuity for
existing contract holders, partners and employees," Mr. Carbone
added.
About Cornell Capital
Cornell Capital LLC is a private investment firm that takes a
value-driven approach to investing. Partnering with strong and
entrepreneurial management teams, the firm seeks opportunities in
market-leading businesses across the consumer, energy, financial
and industrial sectors. Founder and Senior Partner Henry Cornell,
who served as the Vice Chairman of Goldman Sachs' Merchant Banking
Division prior to founding Cornell Capital in 2013, leads a staff
of 19 professionals, including a highly-seasoned senior leadership
team with decades of shared investing experience. The firm
currently manages over $2.2 billion
of assets and has offices in New
York and Hong Kong.
About Atlas Merchant Capital
Atlas Merchant Capital LLC was founded to participate in
compelling investment opportunities in the financial services
sector. Based in New York and
London, Atlas Merchant Capital was
founded by Bob Diamond, former CEO
of Barclays and David Schamis,
former Managing Director of J.C. Flowers. Together with a highly
seasoned team of partners, Atlas has developed a complementary
partnership with extensive operating and investing expertise across
the financial services landscape. For more information, visit
www.atlasmerchantcapital.com
About TRB Advisors
TRB Advisors LP is a global direct investment business that
seeks superior risk-adjusted returns across asset classes through a
long-term, patient and flexible investment mandate. Founded in
2010, TRB invests the capital of its Chairman, Timothy R. Barakett. The firm's team of
investment professionals is led by Heath L.
Watkin, President and Chief Investment Officer, and operates
from TRB's offices in New York
City. For more information, visit www.trbadvisors.com
About Global Atlantic Financial Group
Global Atlantic Financial Group, through its subsidiaries,
offers a broad range of retirement, life and reinsurance products
designed to help our customers address financial challenges with
confidence. A variety of options help Americans customize a
strategy to fulfill their protection, accumulation, income, wealth
transfer and end-of-life needs. In addition, Global Atlantic offers
custom solutions and responsive service for the capital, risk and
legacy-business management of life and annuity insurance
companies.
Global Atlantic was founded at Goldman Sachs in 2004 and
separated as an independent company in 2013. Its success is driven
by a unique heritage that combines deep product and distribution
knowledge with insightful investment and risk management
capabilities, alongside a strong financial foundation of over
$60 billion in assets as of
March 31, 2018.
About Pine Brook
Pine Brook is an investment firm that manages more than
$6.0 billion of limited partner
commitments. Pine Brook focuses on making "business building"
investments, primarily in energy and financial services businesses.
Pine Brook's team of investment professionals collectively has over
300 years of experience financing the growth of businesses with
equity, working alongside talented entrepreneurs and experienced
management teams to build businesses of scale without relying on
acquisition leverage. For more information about Pine Brook, please
visit the company's web site at www.pinebrookpartners.com.
About J. Safra Group
The J. Safra Group (the "Group"), with total assets under
management of over USD 249 billion
and aggregate stockholders equity of USD
18.9 billion, is controlled by the Joseph Safra family. The Group consists of
privately owned banks under the Safra name and investment holdings
in asset based business sectors such as real estate and
agribusiness. The Group's real estate holdings consist of more than
200 premier commercial, residential, retail and farmland properties
worldwide. Its investments in other sectors include, among others,
agribusiness holdings in Brazil
and Chiquita Brands International Inc. There are more than 31,000
employees associated with the J. Safra Group.
About The Hartford
The Hartford is a leader in
property and casualty insurance, group benefits and mutual funds.
With more than 200 years of expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter
at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in
Hartford, Conn. For additional
details, please read The Hartford's legal notice.
Investor Group Media Contact
Jonathan Keehner / Julie Oakes / Kate Clark
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Talcott Resolution