Hartford Completes Equitable Employee Benefits Acquisition

The Hartford has completed its acquisition of Equitable's Employee Benefits business, expanding its insurance offerings for small and midsize employers. The transaction adds approximately $500 million in non-medical benefits premiums, about 300 employees, and technology designed to improve benefits administration, according to BusinessWire.

The acquired business brings several insurance products into The Hartford's portfolio, including group life, disability, paid family and medical leave, supplemental health, dental, and vision coverage. The transaction also adds digital systems intended to support integrated administration and real-time application programming interface (API) connections.

Financial terms of the acquisition were not disclosed by The Hartford. The company plans to incorporate the acquired products, personnel, and technology into its employee benefits operations while continuing to serve existing customers and brokers.

Christopher Swift, chairman and CEO of The Hartford, said the completed deal strengthens the company's position in employee benefits and its focus on small business customers.

"Today's closing marks an important milestone that strengthens our leadership in employee benefits and small business and reinforces our commitment to this important business segment. By bringing our capabilities together, we are even better positioned to deliver the expertise, solutions and service that small and midsize businesses need to support their employees and achieve their goals." Swift said.

The acquisition expands the company's ability to offer multiple types of workplace coverage through its employee benefits platform. The additional technology is intended to help employers, brokers, and employees access and manage benefits information across systems.

Mike Fish, head of Employee Benefits at The Hartford, said the deal combines personnel, product offerings, and technology to improve services for employers. He also emphasized continuity for existing customers and brokers during the integration process.

"This transaction brings together talented teams, deep expertise, expanded product offerings and modern technology to better serve small and midsize employers. As we integrate these capabilities, we remain focused on providing our existing customers and brokers with the responsive service and support they expect from us. At the same time, we will create an easier, more connected benefits experience that can serve more employers and help them meet the evolving needs of their workforce." Fish said.

The company said the combined capabilities are expected to support its employee benefits growth strategy. The integration will focus on connecting the acquired systems and offerings with existing operations while maintaining service for employers and brokers.