Sixth Street to acquire Talcott Resolution
UK-based life insurance and annuity company Talcott Resolution announced that Sixth Street, a global investment firm, has entered into a definitive agreement to acquire the company from a consortium of investors, led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook, J. Safra Group, and The Hartford.
“We want to thank the consortium for their tremendous support over the past few years as we established Talcott Resolution as an independent growth platform for risk transfer solutions. We are looking forward to our partnership with Sixth Street and the next chapter in Talcott’s evolution. Sixth Street’s commitment to expand its presence in the insurance industry along with its stable, long-term capital base will be significant catalysts for our company’s growth.” – CEO and President of Talcott Resolution, Pete Sannizzaro.
“Over the last three years, it has been a pleasure to work together with Pete and the entire Talcott Resolution team, as well as The Hartford and the consortium’s exceptional investment partners, to strategically grow and reposition Talcott Resolution as a standalone company built for long-term, sustainable success. We are proud of all that the company has accomplished since the acquisition, and this sale represents a highly successful outcome for the company and the entire investor group.” – Richard Carbone, Chairman and Independent Director of Talcott Resolution.
“The Talcott Resolution team has a proven ability to initiate, execute, and deliver results and we look forward to continuing what the consortium started through their strategic investment in the company’s growth. This is a significant step in our commitment to the insurance sector, and we are excited to be partnering with Pete and his experienced team.” – Alan Waxman, Co-Founder and CEO of Sixth Street.
“We are pleased with the opportunity to be investing in and helping build a leading creative solutions provider to the insurance industry. With great support and guidance from their institutional investors, Pete and team have created a business with the reputation, capabilities, and expertise to take advantage of opportunities afforded by the current market environment.” – A. Michael Muscolino, Co-Founder and Partner at Sixth Street.
The transaction is expected to close in the second quarter of 2021, subject to regulatory approvals and other customary closing conditions.