Wealth management

In Brief: Hartford Buys Union Labor Policies

Published February 15, 2005, 2:00 a.m. EST

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Updated February 14, 2005, 6:49 p.m. EST

1 Min Read

Hartford Financial Services Group Inc. said Monday that it had acquired 100,000 group life and accident policies from Union Labor Life Insurance Co., a subsidiary of ULLICO Inc. In a press release, Richard Mucci, an executive vice president of Hartford's group benefits division, called the $29 million purchase a strategic move by the group life and accident insurance businesses.

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Hartford provides investment products, life insurance, group benefits, and automobile, homeowners, and business property-casualty insurance. The Simsbury, Conn., company sells group life and accident policies through Hartford Life Insurance Co. and Hartford Life and Accident Insurance Co.

ULLICO, a privately held holding company, has more than $5 billion of assets under management.

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