In an effort to expand its annuity business, The Hartford is expanding into the structured settlement annuity market, providing tax-free payouts to people who receive settlements related to a workers’ compensation or personal injury claim.
“Building our annuity business is an important part of our wealth management strategy, and we are committed to rejuvenating our market position through new products and expanded distribution,” said David Levenson, president of wealth management at The Hartford.
Rob Arena, head of annuities for the wealth management unit, added, “The structured settlement market is a growth opportunity for us and represents the next step in our re-emergence in annuities. We have the financial strength, the expertise, the distribution relationships and the right product to be successful in the structured settlement market. One of the most important considerations for recipients of structured settlements is the financial stability and strength of the insurance company that stands behind their annuity.”