July 1, 2021
WINDSOR, Conn., July XX, 2021 — Talcott Resolution Life Insurance Company (“Talcott Resolution” or “the company”) today announced the completion of its acquisition by Sixth Street, a leading global investment firm. The transaction was previously announced on January 20, 2021.
A strategic partner for the insurance industry, Talcott Resolution offers a broad range of execution-focused capabilities, state-of-the-art technology and analytics, and in-force and new business solutions that provide capital flexibility and risk management efficiencies. The company manages more than $90 billion in liabilities and surplus for approximately 900,000 customers across the span of the Talcott businesses, including more than 600,000 annuity contract holders.
Sixth Street’s investment affirms Talcott Resolution’s value as a leading insurance platform and its long-term growth potential as an aggregator and reinsurance provider for the U.S. life and annuity market. The company will continue to be led by Chief Executive Officer and President Pete Sannizzaro and will remain headquartered in Windsor, Connecticut. The existing management team and employees will continue with the company.
“This is an exciting time for Talcott Resolution,” said Mr. Sannizzaro. “Sixth Street is an ideal partner that shares our vision and is committed to leveraging Talcott’s platform to grow the business and diversify sources of earnings. In doing so, I am confident we will not only increase jobs in our home state of Connecticut but create a preeminent aggregator within the life insurance industry.”
Sixth Street manages over $50 billion in assets and pursues investments in the insurance sector through its Sixth Street TAO platform, which consists of approximately $25 billion in flexible, long-dated capital. Sixth Street’s dedicated team of insurance-focused investment professionals focuses on strategic partnerships, corporate acquisitions, reinsurance, and other balance sheet-bolstering transactions.
“The Talcott Resolution team has a proven ability to deliver meaningful results and has established itself as a leading platform within the insurance industry,” said Joshua Easterly, Co-Founder, Partner, and Co-President of Sixth Street. “We look forward to utilizing the full resources of the Sixth Street platform to support Talcott in its next phase of growth.”
“Talcott Resolution has a sterling reputation, strong capabilities, and deep expertise – all valuable assets to take advantage of the current market environment,” said A. Michael Muscolino, Co-Founder and Partner at Sixth Street. “Talcott has a significant opportunity to grow its market footprint in the U.S. life and annuity sector and we are excited to officially begin our long-term partnership.”
Talcott Resolution Life Insurance Company oversees more than $90 billion in liabilities and surplus for approximately 900,000 customers. The company offers creative in-force and new business solutions that provide insurers with capital flexibility and risk management efficiencies. Named a “Top Workplace” by the Hartford Courant for 2019 and 2020, Talcott Resolution is headquartered in Windsor, Conn. For more information visit www.talcottresolution.com or follow Talcott Resolution on LinkedIn.
Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital. Sixth Street uses its long-term flexible, capital, cross-platform approach, and data-enabled capabilities to develop themes and offer solutions for companies across all stages of growth. Founded in 2009, Sixth Street has more than 320 team members including over 145 investment professionals operating from nine locations around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.