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Aetna CEO Mark Bertolini discusses how his aggregation tries to advice advisers anticipate about their own wellness. USA TODAY



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Undated angel shows the logo for The Hartford Financial Casework Group(Photo: The Hartford Financial Casework Group)

The Hartford Financial Casework Accumulation has agreed to a $1.45 billion accretion of Aetna’s U.S. accumulation activity and affliction business in a accord that will aggrandize its business of affairs allowances to employers, the companies appear Monday.



The accretion is accepted to accomplish the aggregation accepted as The Hartford (HIG) the additional better accumulation activity and affliction insurer, with approximately $5 billion in accepted becoming premium, the Hartford, Conn.-based firm said.

Aetna (AET), which is affective its address from Hartford to New York City, said options for the accord gain accommodate but are not bound to authoritative centralized investments to enhance chump services, affairs aback shares, and advantageous bottomward debt.

The Hartford Insurance Co

The transaction terms call for The Hartford to pay Aetna banknote application of $1.45 billion, primarily composed of a ceding agency by its Hartford Activity & Accident Allowance business. Hartford Activity & Accident will reinsure Aetna’s book of accumulation activity and affliction insurance, which had premiums of an estimated $2 billion in 2016.

The Hartford does not plan to armamentarium the transaction by issuing debt or equity. Instead, the aggregation said it would use assets from its allowance subsidiaries and captivation aggregation resources, including $273 actor actual from a 2017 share acknowledgment program.

The accord is accepted to abutting in aboriginal November 2017, accountable to accompaniment regulatory approvals and added accepted closing conditions, the companies said.

Hartford Chairman and CEO Christopher Swift said in a account that the transaction provides an befalling for the aggregation “to become the second-largest accumulation activity and affliction insurer, an important business for The Hartford with a abiding accident profile, adorable returns, and able abiding advance prospects.”

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Aetna President Karen Lynch said in a abstracted account that the accord “will account both our shareholders and customers, acceptance us to accept a stronger focus on our action of creating a alone access to convalescent affiliate health.”

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Aetna to move address from Hartford to NYC

The Hartford Insurance Co

Follow USA TODAY anchorman Kevin McCoy on Twitter: @kmccoynyc

 

 

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The Hartford Insurance Co

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