The Hartford Financial Services Group said Monday it has completed its sale of Woodbury Financial Services to American International Group Inc.
The Hartford said in August it reached a deal to sell Woodbury Financial for $115 million — $25 million that it will retain from Woodbury and $90 million from AIG.
Woodbury Financial is based in Oakdale, Minn., and employs about 200 people in home offices in Minnesota. It is a broker-dealer of 1,400 independent representatives across the U.S. who sell life insurance and investment products, including those of The Harford.
Woodbury will be one of four independent broker-dealers in AIG’s Advisor Group network. Woodbury will keep its CEO and president, Patrick H. McEvoy, and the change “will cause no disruption” for customers, The Hartford said in August.
The Hartford is in the process of a major transformation announced in March. The multi-line insurer is focusing on property-casualty, group benefits and mutual funds. In addition to selling Woodbury Financial, The Hartford is selling its Retirement Plans to MassMutual, and its Individual Life business to Prudential Financial Inc. for a combined value of about $2.2 billion in net statutory capital.
The Hartford’s retirement business has 1,300 workers total, 700 of them in Connecticut. The Hartford has said those employees will become a part of MassMutual, with major offices in Enfield and Springfield.
About 1,000 employees — including 200 in Connecticut — work for The Hartford’s Individual Life business. Most of the other employees work in Woodbury, Minn. The jobs are expected to transfer to Prudential Financial Inc. when the deal closed early next year.
It is not publicly known how many employees will be retained by MassMutual and Prudential Financial.
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