Orix Life Insurance Corp. is buying Hartford Life Insurance K.K. for $895 million, adding to an M&A streak in the insurance sector.
Hartford Life Insurance K.K., headquartered in Tokyo, provides minimum death benefit and minimum income benefit insurance policies. The company, which stopped selling insurance products in 2009, now focuses on policy management. The target is a subsidiary of insurance company the Hartford Financial Services Group Inc. (NYSE: HIG), which announced it was selling Hartford Life International Ltd. to Berkshire Hathaway (NYSE:-BRK.A)-owned Columbia Insurance Co. for $285 million in June.