View more on these topics

The Hartford sells UK variable annuity business to Berkshire Hathaway


The Hartford has agreed to sell its UK variable annuity business to Warren Buffett’s investment management firm Berkshire Hathaway.

The deal will see Columbia Insurance Company, which is owned by Berkshire Hathaway, pay $285m (£189m) for Dublin-based Hartford Life.

Hartford Life sold variable annuities in the UK from 2005 to 2009. It had assets under administration of over £1bn as of 31 March 2013.

The Hartford executive vice president and chief financial officer Christopher Swift says: “The Hartford has made significant progress reducing the size and risk of Talcott Resolution’s legacy variable annuity blocks and the business unit is now self-sufficient from a capital perspective.

“Selling the UK business is another meaningful step forward. We are pleased with the outcome of the competitive bidding process, which reflects our criteria of executing transactions on terms that are attractive to The Hartford.”

The agreement, which is subject to regulatory approvals, is expected to be completed by the end of the year.


Clive Waller to leave Income Protection Task Force

Income Protection Task force co-chairman Clive Waller will step down from his role at the end of the year. Peter Le Beau will become the sole chairman of the organisation, which was set up to improve awareness and take up of income protection. Waller has been a senior partner at CWC Research, which provides research […]

Aviva and Hargreaves lobby for pensions ‘pot follows member’ alternative

Aviva and Hargreaves Lansdown have joined forces to challenge the Government’s plans to introduce a ‘pot follows member’ automatic transfer system for pensions worth less than £10,000. In April, the Department for Work and Pensions confirmed it plans to press ahead with reforms which will see small pots transferred automatically when a person changes jobs. […]

FCA pledges better updates for whistleblowers

The Financial Conduct Authority says it will do more to keep whistleblowers in the loop when they pass on information to the regulator. Speaking at an FCA financial crime conference in London this week, FCA director of enforcement and financial crime Tracey McDermott said she understands the frustration among firms who report their suspicions and […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. man on the moon 5th July 2013 at 9:52 am

    is this good for Consumers Mr B?

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm