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The Hartford completes Talcott Resolution sale

The Hartford Financial Services Group Inc. has closed the sale of Talcott Resolution Inc., its runoff life and annuity businesses, to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group Ltd., Pine Brook and J. Safra Group.

Total consideration to The Hartford is approximately $2.05 billion, including cash paid by the buyers, a pre-closing cash dividend, debt included as part of the sale and a 9.7% ownership stake in the new company. The Hartford will also retain Talcott Resolution tax benefits with an estimated GAAP book value of about $700 million, which will be available for realization subject to the level and timing of the company's taxable income.

Hartford Investment Management Co., The Hartford's investment management group, has a five-year contract to manage a significant portion of Talcott Resolution's investment portfolio. In addition, The Hartford will provide Talcott Resolution with, and be reimbursed by Talcott Resolution for, certain transition services for up to two years.

The new company will operate under the name Talcott Resolution. About 375 of The Hartford's employees have joined the new company and will be located in offices in Windsor, Conn., and Woodbury, Minn.