Columbia Insurance Co., owned by Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A), is buying Hartford Life International Ltd. for $285 million.
Hartford Life is the variable annuity business of the Hartford, a Hartford, Conn.;-based insurance company that provides casualty insurance, group benefits and mutual funds. The company agreed to sell its retirement plan business to Massachusetts Mutual Life Insurance Co. for $400 million in September.
The target had about $1.75 billion in assets under management as of March 31. The deal is expected to close by the end of the year.
Deutsche Bank acted as the Hartford’s financial adviser, while Sidley Austin LLP provided legal advice. Debenoise & Plimpton LLP served as Berkshire Hathaway's legal counsel.
Recent insurance deals include the Travelers Companies Inc.’s (NYSE: TRV) purchase of the Dominion of Canada General Insurance Co. for about $1.1 billion, Marsh’s acquisition of Farnco & Acra Tecniseguros, and Scor Global Life Americas Holding Inc.’s Generali U.S. Holdings Inc. buy.