Deals
Goldman Vet Cornell, Bob Diamond Make $2 Billion Annuity Bet
- Global Atlantic, TRB Advisors also in deal for Hartford unit
- Hartford expects to take $3.2 billion loss from Talcott sale
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Cornell Capital, the firm run by Goldman Sachs Group Inc. alumnus Henry Cornell, and a group of investors including ex-Barclays Plc chief Bob Diamond’s investment firm agreed to buy a stake in an annuity unit from Hartford Financial Services Group Inc. for about $2.05 billion.
Cornell’s company and Diamond’s Atlas Merchant Capital, along with Goldman-backed Global Atlantic Financial Group Ltd. and Timothy Barakett’s TRB Advisors, will invest in Hartford’s Talcott Resolution unit, according to a statement Monday. Hartford will keep a stake in a new company that’s absorbing the business, which has about $149 billion in account value.