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The Hartford to acquire Equitable’s Employee Benefits business
The deal covers Equitable’s group life, disability, paid leave, supplemental health, dental and vision offerings, and is valued at about $500 million in premium.
The Hartford has entered into a definitive agreement to acquire Equitable’s Employee Benefits business, expanding its employee benefits and small business focus, Coverager reports. The acquired portfolio includes group life, disability, paid family and medical leave, supplemental health products, plus dental and vision coverage.
As part of the transaction, The Hartford will also obtain Equitable’s employee benefits technology, including unified digital capabilities and real time API integrations intended to improve experiences for employees, employers, and brokers.
About 300 employees supporting the acquired business are expected to join The Hartford at closing. The acquisition represents approximately $500 million in premium and is expected to close in the fourth quarter, subject to regulatory approvals and other customary closing conditions, Coverager adds.
The Hartford’s Chairman and CEO Christopher Swift said the deal reinforces the company’s leadership in employee benefits and targets small and midsize employers. Mike Fish, head of Employee Benefits at The Hartford, said the integrated technology is designed to make it easier for small and midsize customers to access and manage benefits.