The deal "significantly extends our market-leading ultra-high-net-worth private-placement franchise" to reach Hartford's wealthy individual and corporate clients, Hillman said in a statement. Hartford Life's 85 employees will remain in their Florham Park, NJ offices; "all" were offered their jobs by the new owners. More on Hillman and Philadelphia Financial here.
The deal makes Philadelphia Financial ten times larger. According to Hillman: "PFG manages approximately $3.8 billion in assets, supporting private placement life polices for the ultra-high net worth market. After the transaction, the total assets under management will be slightly under $40 billion, for both the ultra-high net worth market, and the corporate market. This transaction represents a meaningful expansion."
So, a big deal? "This transaction is transformational for PFG. Strategically, this acquisition enhances our industry leading profile... Combined, we will administer nearly $40.0 Billion in separate account assets and hold a leading position in both the individual and corporate segment...
"Upon closing, we will have over 125 experienced professionals solely dedicated to this unique and demanding marketplace. The depth and breadth of our resources will be unmatched in the industry allowing us to provide even more highly focused service to our valued partners."
More about Philadelphia Financial, from my column a year ago: