SOURCE: Philadelphia Financial
PHILADELPHIA, PA--(Marketwire - Jul 16, 2012) - Philadelphia Financial Group, Inc., a leader in the high net worth private placement insurance market, today announced that it has completed the acquisition of the private placement insurance business unit of The Hartford Financial Services Group, Inc. (NYSE: HIG). Philadelphia Financial now administers over $40 Billion in insurance policy accounts.
"This transaction marks an important milestone in our acquisition growth strategy. The transaction positions Philadelphia Financial with a significant presence in the institutionally-owned segment of the market and complements our leading position in the individually-owned segment of the private placement insurance market," commented John K. Hillman, CEO of Philadelphia Financial. He added, "We are committed to growing our presence in the private placement segment organically through our Alpha Alliance distribution network as well as through additional acquisitions."
"We are pleased to close on this acquisition by Philadelphia Financial, a trusted administrator and leader in private placement insurance," said David Bedard, executive vice president at The Hartford. "The transaction is consistent with The Hartford's sharper focus on its core operations."
Reinsurance Group of America, Incorporated, a global leader in the life reinsurance industry, provided financing to Philadelphia Financial in this transaction.
About Philadelphia Financial
Philadelphia Financial, headquartered in Philadelphia, Pennsylvania, is a leader in the high net worth private placement insurance market. Since 1996, the firm has guided high net worth investors and alternative investment managers seeking strategies to preserve capital and facilitate wealth transfer. For more information about Philadelphia Financial, please visit www.philadelphiafinancial.com.
About The Hartford
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading provider of insurance and wealth management services for millions of consumers and businesses worldwide. The Hartford is consistently recognized for its superior service, its sustainability efforts and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.