The Hartford has completed the sale of its U.K. variable annuity (VA) business to Columbia Insurance Co., a Berkshire Hathaway company. A price of $285 million netted Columbia Hartford Life International Limited (HLIL).
The all-cash deal marks another step in the Hartford's strategy to unload its life and variable annuity business in favor of property and casualty lines, group benefits and mutual funds. In 2012, the Hartford sold its VA line to Forethought.
At the time of closing, HLIL's sole asset was its subsidiary, Hartford Life Limited of Dublin, which had $1.7 billion in assets under management. Between 2005 and 2009, Hartford Life Limited sold variable annuities in the U.K.
Fidelity & Guaranty Life (FGL) is now a public company. Today, the Des Moines, Iowa-based fixed indexed annuity provider priced its IPO at $17 per share, with 9,750,000 shares of common stock up for trading on the New York Stock Exchange under the ticker "FGL."
In August, Fidelity & Guaranty's parent company, Harbinger Group Inc. (HGI), filed with the SEC for the $100 million IPO.
Proceeds will be used to pay an unspecified dividend to HGI and for general corporate purposes. Harbinger is not a selling shareholder in the offering.
