The Hartford sells Talcott Resolution to Cornell Capital-led group for $1.443 bln

Cornell Capital LLC is leading an investor group to buy Talcott Resolution from The Hartford for $1.443 billion. The consortium includes Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. Safra Group. The Hartford will receive a 9.7 percent stake, valued at $164 million, in the new company, along with $300 million in a pre-closing dividend. The Hartford will also retain Talcott Resolution tax benefits with an estimated GAAP book value of $950 million. Talcott Resolution is the Hartford’s run-off life and annuity businesses.

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