The Hartford is expanding its Group Benefits capabilities with the $1.45 billion acquisition of Aetna’s group life and disability sectors. The move, expected to be finalized in November, will make it the second largest group life and disability insurer in the United States and improve The Hartford’s distribution capabilities.
“The combination of these two businesses strengthens our position as a leader in the large employer market and increases our presence among midsize employer clients,” The Hartford’s chairman and CEO Christopher Swift said in a press release. “It also creates new opportunities to distribute additional products to a customer base of more than 20 million people who will be insured by the combined business.”
The Hartford will also acquire a majority of Aetna’s approximately 1,800 Group Insurance employees as part of the deal, as well as its digital assets and integrated absence-management platform. In addition, the deal includes an exclusive collaboration under which Aetna will offer The Hartford’s group life and disability products through Aetna’s sales team.
“Our transaction with The Hartford will benefit both our shareholders and customers, allowing us to have a stronger focus on our strategy of creating a personalized approach to improving member health,” Aetna President Karen S. Lynch said.
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
