Hartford to sell property/casualty insurance runoff units
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Hartford Financial Services Group Inc. said Tuesday that it has entered into an agreement to sell its U.K. property/casualty runoff subsidiaries, Downlands Liability Management Ltd. and Hartford Financial Products International Ltd., to Catalina Holdings UK Ltd.
Terms of the deal were not disclosed.
All staff will continue as employees of Downlands Liability Management, and both units will remain based in Worthing, England, Hartford said in a statement.
On March 31, Downlands Liability Management and Hartford Financial Products International had total assets of $1.02 billion, undiscounted gross reserves of $686 million, undiscounted reserves net of reinsurance of $516 million and shareholders' equity of $321 million, according to the statement.
“HFPI is a large and well diversified business, the majority of which has been in runoff since 1993,” Chris Fagan, chairman and CEO of Hamilton, Bermuda-based Catalina said in the statement.
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