HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford has entered into a absolute acceding to advertise Talcott Resolution, its run-off activity and accomplishment businesses, to a accumulation of investors led by Cornell Basic LLC, Atlas Merchant Basic LLC, TRB Admiral LP, Global Atlantic Banking Group, Pine Brook and J. Safra Group. Absolute application to The Hartford is $2.05 billion, comprised of banknote from the broker group, a pre-closing banknote dividend, debt included as allotment of the sale, and a 9.7 percent buying absorption in the accepting company. The absolute application bulk does not accommodate $1.4 billion in assets ahead paid by Talcott Resolution in 2017. The auction is advancing to abutting in the aboriginal bisected of 2018, accountable to authoritative approval and added closing conditions.
“I am admiring to advertise that we accept accomplished an acceding to advertise Talcott Resolution for absolute bulk to shareholders of about $3 billion, including the accustomed bulk of retained tax benefits,” said The Hartford’s Chairman and CEO Christopher Swift. “After a absolute and able-bodied process, we assured that this transaction is the best aisle forward. It will complete our avenue from the run-off activity and accomplishment businesses and strengthen our focus on growing our market-leading Acreage and Casualty, Accumulation Allowances and Alternate Funds businesses. In addition, we will accept an disinterestedness absorption in the accepting aggregation which will accredit us to participate in Talcott Resolution’s connected success. We additionally apprehend the auction will advance our approaching ROE and balance advance contour and enhance the company’s banking flexibility.”
Under the acceding of the auction acceding and accountable to authoritative approval, the broker accumulation will anatomy a new aggregation that will acquirement Hartford Life, Inc. (HLI), the captivation aggregation for the Talcott Resolution operating subsidiaries, for a net acquittal of $1.443 billion in cash. The Hartford will accept a 9.7 percent buying interest, admired at $164 million, in the new company. Accountable to authoritative approval, The Hartford additionally expects to accept $300 actor in a pre-closing allotment from Talcott Resolution and will abate its abiding debt by $143 actor because debt issued by HLI will be included as allotment of the sale. In addition, The Hartford will absorb Talcott Resolution tax allowances with an estimated GAAP book bulk of $950 million, which will be attainable for adeptness accountable to the akin and timing of The Hartford’s taxable income. As a aftereffect of The Hartford’s acclamation to absorb assertive tax benefits, the aggregation will not admit a tax basic accident on the sale. Based on the acceding of the auction and the assimilation of the tax attributes, The Hartford estimates that the auction will aftereffect in a GAAP net accident of about $3.2 billion, afterwards tax, which would be recorded in discontinued operations in fourth division 2017.1 The estimated accident on auction and the estimated retained tax allowances and our adeptness to apprehend such allowances are based on accepted tax law and are accountable to a final assurance of the tax base of the operations sold. Beginning in fourth division 2017 and continuing until closing of the transaction, the after-effects of operations of Talcott Resolution will be appear as discontinued operations for all periods presented in The Hartford’s banking statements.
The Hartford’s Chief Banking Officer Beth Bombara said, “We accept that this transaction provides an accomplished aftereffect for shareholders, although it after-effects in a GAAP loss. It accelerates the acknowledgment of basic from Talcott Resolution compared with the bit-by-bit run-off of the business. We are evaluating opportunities to arrange gain from the auction and currently apprehend to use about $400 actor for added debt repayment, on top of the $500 actor we ahead appear we would accord in 2018.”
Prior to the closing of the transaction, the company’s Accumulation Allowances and Alternate Funds subsidiaries, which are currently subsidiaries of HLI, will be transferred to accession Hartford accessory and will not be allotment of the transaction. In addition, anon afterwards closing, Talcott Resolution will reinsure a allocation of its anchored annuity, payout accomplishment and structured adjustment businesses to a accessory of Global Atlantic Banking Accumulation (Global Atlantic). Following the sale, Hartford Advance Administration Aggregation (HIMCO), The Hartford’s advance administration group, will abide to administer a cogent majority of Talcott Resolution’s advance assets for an antecedent 5-year term. HIMCO additionally will be retained by Global Atlantic to administer assertive assets associated with the post-closing reinsurance agreement.
As allotment of the transaction, about 400 Hartford advisers will become advisers of the new aggregation and will be amid at offices currently endemic or busy by The Hartford in Windsor, Connecticut, and Woodbury, Minnesota. Swift added, “We are appreciative of the reputation, operational capabilities and accomplished advisers of Talcott Resolution, all of which accommodate the client with a abundant foundation on which to body its U.S. activity allowance and accomplishment presence, while accouterment chain for Talcott Resolution’s policyholders, ally and employees.”
The Hartford will host a appointment alarm to altercate the auction at 9:00 a.m. EST on Dec. 4, 2017. The alarm can be accessed via a alive listen-only webcast or as a epitomize through the broker relations area of The Hartford’s website at https://ir.thehartford.com. A epitomize of the alarm alternating with a archetype of the accident will be attainable for at atomic one year.
The Hartford’s banking admiral for the transaction are J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC and the company’s acknowledged adviser is Sidley Austin LLP. The banking adviser for the broker accumulation is BofA Merrill Lynch.
Additional advice apropos the transaction can be begin on The Hartford’s website at https://ir.thehartford.com and in a Accepted Report on Anatomy 8-K filed today with the Securities and Exchange Commission.
About The Hartford
The Hartford is a baton in acreage and blow insurance, accumulation allowances and alternate funds. With added than 200 years of expertise, The Hartford is broadly accustomed for its account excellence, sustainability practices, assurance and integrity. Added advice on the aggregation and its banking achievement is attainable at https://www.thehartford.com. Follow us on Cheep at www.twitter.com/TheHartford_PR.
The Hartford Banking Services Group, Inc., (NYSE: HIG) operates through its subsidiaries beneath the cast name, The Hartford, and is headquartered in Hartford, Conn. For added details, amuse apprehend The Hartford’s acknowledged notice.
Some of the statements in this absolution may be advised advanced statements as authentic in the Private Securities Litigation Ameliorate Act of 1995. These advanced statements accommodate statements apropos to the banking appulse of the auction of Talcott Resolution, including, after limitation, the appulse of the auction on The Hartford’s approaching ROE and balance advance profile, the estimated net accident on auction and retained tax benefits, the use of auction proceeds, the appliance of deferred tax assets, and the timing of closing the transaction, and are based on accepted law, expectations and assumptions. We attention investors that these advanced statements are not guarantees of approaching performance, and absolute after-effects may alter materially. Investors should accede the important risks and uncertainties that may account absolute after-effects to differ. These important risks and uncertainties accommodate risks that the advancing allowances of the transaction and the GAAP accident consistent from the transaction could alter materially from the description and estimates set alternating in this release. In addition, tax ameliorate could materially change the estimated retained tax allowances declared above. Added risks and uncertainties accommodate those discussed in our 2016 Annual Report on Anatomy 10-K, consecutive Quarterly Reports on Forms 10-Q, and the added filings we accomplish with the Securities and Exchange Commission. We accept no obligation to amend this release, which speaks as of the date issued. From time to time, The Hartford may use its website to advertise actual aggregation information. Banking and added important advice apropos The Hartford is commonly attainable through and acquaint on our website at https://ir.thehartford.com. In addition, you may automatically accept email alerts and added advice about The Hartford back you accept your email abode by visiting the “Email Alerts” area at https://ir.thehartford.com.
1 At closing, shareholders’ disinterestedness will be added bargain for the bulk of accumulated added absolute assets (AOCI) of the Talcott Resolution business, which was $931 actor as of Sept. 30, 2017, or $2.56 of book bulk per adulterated share. Talcott Resolution’s AOCI abundantly consists of net abeyant assets on investments.
The Hartford Media Contact:Michelle Loxton, 860-547-7413[email protected]orThe Hartford Broker Contact:Sabra Purtill, 860-547-8691CFA[email protected]orInvestor Accumulation Media Contacts:Jon Keehner, 212-355-4449[email protected]orJulie Oakes, 212-355-4449[email protected]
Source: The Hartford
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