Prudential buys Hardford’s Individual Life
The long-awaited official announcement of which carrier was going to acquire Hartford’s lucrative individual life insurance unit was made today by Prudential Life executives, Mark A. Hug and Ron Herrmann, both Executive Vice Presidents for Prudential Individual Life Insurance.
As is usually the case, nothing significant is going to change in the field for either Hartford/Prudential producers, or policy owners of Hartford Life contracts, right away. Over time, there will be integration of the line of business within Prudential’s corporate structure. Prudential will be setting up special administrative services to handle the immediate needs of Hartford policy owners. Phone, email, and addresses for those units have not yet been announced. Hartford policy owner and agent services lines are still operating as of this writing.
The announcement stated that going forward,
- The goal will be to establish Prudential as the preeminent provider of insurance solutions to meet the needs of more Americans in the future.
- New Prudential products and riders will be developed that incorporate The Hartford’s product expertise.
- A dynamic product portfolio will be created that positions Prudential as an industry leader across the term, universal, and variable universal life markets as well as to offer valuable and innovative features and benefits.
- A thorough and thoughtful review of our organizational and distribution models, back-office teams, and approach to underwriting will be conducted.
- Full integration is expected within one to two years.
