Hartford Financial Services Group has agreed to sell its UK operations worth UDS$1bn to Catalina Holdings as it exits its UK operations.
The units Hartford have sold are Downlands Liability Management (DLM) and Hartford Financial Products International (HFPI). As reported by
Bloomberg, Hartford is exiting the risks tied to asbestos and environmental policies that were issued over 20 years ago.
“HFPI is a large and well diversified business, the majority of which has been in runoff since 1993,” said Catalina Chief Executive Officer Chris Fagan in the statement. “It is managed by a professional and experienced team at DLM who will strengthen the breadth and diversity of Catalina’s UK business.”
Hartford is instead focussing its business on its home, auto and commercial business in the US. This sale comes after it recently sold its business in Japan and a UK business that offered retirement products.
The deal is expected to be completed in the fourth quarter and the terms have not been disclosed.
Related Stories:
Insurance sell-off gathers pace
UK watchdog to look at AXA-Phoenix deal
