Wednesday, 1 October 2014
Last updated 7 hours ago
Jan 24 2012 | 8:35am ET
Philadelphia Financial Group, a leader in the ultra-high net worth private placement insurance market, will pay $117.5 million to acquire the private placement business of New Jersey-based Hartford Life Private Placement.
The deal, reached with affiliates of The Hartford Financial Services Group, is expected to close in 2012, subject to regulatory approvals.
HLPP services a $35 billion private placement business, administering corporate and bank-owned life insurance, institutionally owned group annuity contracts and individual ultra-high net worth private placement life insurance products. Current HLPP employees are expected to transfer to Philadelphia Financial and to continue to operate out of the New Jersey facility.
“This acquisition significantly extends our market leading ultra-high net worth private placement franchise into the bank and corporate-owned arena and provides a long-term relationship with The Hartford,” commented John K. Hillman, CEO of Philadelphia Financial. He added, “We have been very impressed by the experience and expertise of the HLPP management team and we look forward to working with our new colleagues to further develop the combined business."
Reinsurance Group of America, a global leader in the life reinsurance industry, is providing financing to Philadelphia Financial for the transaction.
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