The Hartford to acquire Equitable’s Employee Benefits business

The Hartford has entered into a definitive agreement to acquire Equitable’s Employee Benefits business.

Equitable’s Employee Benefits portfolio includes group life, disability, paid family and medical leave and supplemental health products, as well as dental and vision.

The Hartford will also obtain Equitable’s Employee Benefits technology, which will enhance employee, employer and broker experiences with unified digital capabilities and real-time API integrations. The approximately 300 employees who support the acquired business will join The Hartford upon closing.

The acquisition, which accelerates The Hartford’s Employee Benefits growth strategy, represents approximately $500 million in premium, and is expected to close in the fourth quarter, subject to regulatory approvals and other customary closing conditions.

“This acquisition reinforces The Hartford’s leadership in employee benefits and small business. Small and midsize employers represent a strategic growth opportunity for our Employee Benefits business, and this transaction strengthens our ability to meet the evolving needs of this important business segment.” – The Hartford’s Chairman and CEO Christopher Swift.

“The modern, integrated technology makes it easier for our small and midsize business customers to access and manage their benefits. We look forward to welcoming the Equitable employees who will be joining us to help serve our employer customers and broker partners.” – Mike Fish, head of Employee Benefits at The Hartford.