Over the last five years, The Hartford Financial Services Group, Inc. has divested assets in order to focus on its property and casualty, group benefits and mutual funds benefits businesses. Sutherland represented The Hartford on four of those deals worth more than $870 million. These transactions have benefitted The Hartford’s capital position by approximately $2 billion. Among the deals that Sutherland advised The Hartford on: the sale of the individual life business to Prudential Financial Inc. in a transaction worth approximately $615 million; American International Group Inc.’s acquisition of Woodbury Financial Services for approximately $115 million; and Philadelphia Financial Life Assurance Co.’s purchase of The Hartford’s private placement life insurance business for about $117 million.
B. Scott Burton, who heads Sutherland’s Transactions and Finance team within the firm’s Insurance practice, and Bert Adams and Ling Ling, members of Sutherland’s Corporate and Insurance practices, served as lead partners on the deals. Thomas A. Gick, Elisabeth A. Langworthy, David A. Massey, Michael R. Miles, Alice Murtos, Holly H. Smith, Ronald R. Massumi, William R. Pauls, Doyle Campbell, Sean M. Diamond, Christina J. Galus, Matthew L. Hazlett, Judith R. Watkins and Sean D. Wissman also participated in the transactions.