The Hartford to acquire Equitable’s employee benefits business
The Hartford, a property and casualty insurer, has entered into an agreement to acquire Equitable’s employee benefits business. The deal, expected to close in the fourth quarter pending regulatory approvals, will bolster The Hartford’s employee benefits growth strategy with approximately $500 million in premium.
The Hartford’s Chairman and CEO Christopher Swift stated that the acquisition “reinforces The Hartford’s leadership in employee benefits and small business,” highlighting small and midsize employers as a “strategic growth opportunity.”
About the Acquisition
Equitable’s Employee Benefits portfolio serves small and midsize employers with non-medical benefits, including:
- Group life insurance
- Disability coverage
- Paid family and medical leave
- Supplemental health products
- Dental and vision benefits
The acquisition also includes Equitable’s Employee Benefits technology, which aims to enhance experiences for employees, employers, and brokers. Approximately 300 Equitable employees supporting this business will join The Hartford upon deal closure.
Rothschild & Co. served as financial adviser to The Hartford, with Sidley Austin LLP as legal adviser. J.P. Morgan advised Equitable, supported by Debevoise & Plimpton LLP.
This announcement follows The Hartford’s recent agreement to sell its mutual funds business to Wellington Management in a deal valued at up to $1.9 billion.