Investment firm Sixth Street buys life & annuities business Talcott Resolution

Global investment firm Sixth Street is set to acquire Talcott Resolution Life Insurance Company from a consortium of investors that purchased the life and annuities business from The Hartford in 2018.

Sixth Street is buying the firm from the consortium led by Cornell Capital, Atlas Merchant Capital, TRB Advisors, Global Atlantic Financial Group, Pine Brook, J. Safra Group, and The Hartford.

Talcott manages over $90 billion in liabilities and surplus for its approximately 900,000 customers. Following the deal, the company will continue to be led by its chief executive officer and president Pete Sannizzaro and will remain headquartered in Windsor, Connecticut.

Sixth Street is an active global investor in insurance and reinsurance businesses, and has over $50 billion in assets under management. The firm recently invested in Stephen Catlin and Paul Brand's specialty re/insurance start-up Convex Group.

The acquisition is part of Sixth Street's strategy to expand in the insurance market.

"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," said Alan Waxman, co-founder and CEO of Sixth Street. "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."

A. Michael Muscolino, co-founder and partner at Sixth Street, added: "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."

Sannizzaro commented: "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."

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