Following a recent approval from Connecticut’s insurance commissioner, a San Francisco-based global investment firm said it has completed its $1.75 billion purchase of Windsor life insurer The Talcott Resolution.
Sixth Street, which invests in the insurance sector through its nearly $25 billion TAO Funds platform, told regulators that Talcott — which oversees more than $90 billion in liabilities and surplus for approximately 900,000 customers — will remain headquartered in Windsor, with employee headcount to remain consistent at 340 for the next four years.
Sixth Street and its partners hope to pursue acquisitions for Talcott in the future, which they said could lead to a larger local workforce.
“This is an exciting time for Talcott Resolution,” Talcott President and CEO Pete Sannizzaro said in a July 1 announcement of the deal closing. “Sixth Street is an ideal partner that shares our vision and is committed to leveraging Talcott’s platform to grow the business and diversify sources of earnings. In doing so, I am confident we will not only increase jobs in our home state of Connecticut but create a pre-eminent aggregator within the life insurance industry.”
It’s the second time Talcott has been sold in just over three years. Talcott was previously owned by property-casualty insurer The Hartford, which sold the business in June 2018.