Local Jobs in Question as The Hartford Sells Retirement Business

The local insurance giant continues to shed jobs and services in an effort to create greater shareholder value.

The Hartford Financial Services Group (NYSE:HIG) has entered into an agreement to sell its retirement plans business to MassMutual, Windsor Town Manager Peter Souza announced Tuesday evening.

MassMutual is buying the retirement division for $400 million, MassLive.com reported. 

Over the past year, The Hartford has been busy shedding services and jobs in an effort to "create greater shareholder value," according to company CEO Liam McGee.

The company, which reported a loss of $102 million in the second quarter, sold its Woodbury Financial Services division to AIG, and its Trumbull Services LLC division, which provides outsource services, to EXLService Holdings Inc. of New York over the past year.

, accounting for about 2.5 percent of the town's grand list with assets valued at roughly $76.5 million.

Souza was unable to offer insight into the future of jobs located at the company's Day Hill Road campus in Windsor.

In August, McGee said the company plans to increase shareholder value by "sharpening our business focus, improving expense efficiency, increasing capital generation and reducing market risks."

Despite recording a loss of $587 million in the second quarter (a loss associated with the exstinguishment of debt), the company brought in $486 million, leading McGee to say the company is "on the right path.

According to MassLive.com, Springfield's MassMutual's purchase of the retirement division will make it the 11th largest retirement services company in the U.S.

MassLive.com also reports 700 of the company's 1,200 retirement business employees work in Connecticut.

In addition to its headquarters in Hartford, the company has campuses in Simsbury and Farmington.


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