Hartford Financial Services Group Inc. announced a definitive agreement Wednesday to sell its nonstandard property and casualty subsidiary, Omni Insurance Group, to Independent Insurance Investments Inc. for about $100 million.
The Connecticut insurer bought Omni in 1998 in order to enter the nonstandard auto insurance market, but the company said it can now meet customers' needs through its Dimensions auto program.
The deal is expected to close in the fourth quarter. Independent Insurance Investments, a unit of Inverness Partners II, is a nonstandard auto insurance specialist.
