The Hartford has completed its acquisition of Equitable’s Employee Benefits business, adding approximately $500 million in non-medical benefits premium and expanding its technology and product capabilities serving small and midsize employers.
The Hartford said the acquisition advances its Employee Benefits growth strategy while strengthening its position in the small and midsize business market.
The acquired portfolio includes group life, disability, paid family and medical leave, supplemental health, dental, and vision coverage. The transaction also brings approximately 300 employees to The Hartford.
Along with the insurance products, The Hartford is acquiring Equitable’s Employee Benefits technology, which supports unified digital capabilities and real-time API integrations. The technology is designed to make it easier for brokers, employers, and employees to manage benefits information across different systems.
The Hartford plans to combine the acquired capabilities with its existing Employee Benefits operations to broaden its offerings and create a more connected experience for employers and brokers.
The company said its integration priorities include maintaining responsive service for existing customers and brokers while using the additional technology and product capabilities to reach more small and midsize businesses.
The Hartford operates across property and casualty insurance and employee benefits and has been in business since 1810. The acquisition adds another significant block of premium to its employee benefits operations while expanding the range of non-medical products available to employers.
KEY QUOTES:
“Today’s closing marks an important milestone that strengthens our leadership in employee benefits and small business and reinforces our commitment to this important business segment. By bringing our capabilities together, we are even better positioned to deliver the expertise, solutions and service that small and midsize businesses need to support their employees and achieve their goals.”
Christopher Swift, Chairman And CEO Of The Hartford
“This transaction brings together talented teams, deep expertise, expanded product offerings and modern technology to better serve small and midsize employers. As we integrate these capabilities, we remain focused on providing our existing customers and brokers with the responsive service and support they expect from us. At the same time, we will create an easier, more connected benefits experience that can serve more employers and help them meet the evolving needs of their workforce.”
Mike Fish, Head Of Employee Benefits At The Hartford
