Hartford Sells Insurance Administration to Exlservice Holdings
Stock Chart for Hartford Financial Services Group Inc (HIG)
Exlservice gains software and administrative expertise with the acquisition, the New York-based company said today in a statement. Trumbull specializes in subrogation, a legal process for insurers to recoup losses from third parties. Terms weren’t disclosed.
Hartford Chief Executive Officer Liam McGee is divesting non-core businesses to narrow the company’s focus on the sale of retirement products, life insurance and property casualty coverage. McGee has sold a Canadian mutual fund business and claims administrator Sedgwick Claims Management Services since taking over two years ago at Hartford, which is based in the Connecticut city of the same name.
The Exlservice transaction is part of Hartford’s strategy to “focus resources on its core insurance and wealth-management businesses,” said Gary Thompson, executive vice president and chief underwriting officer for commercial markets at Hartford, in the statement.
To contact the reporter on this story: Maryellen Tighe in New York at Mtighe6@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.