WASHINGTON (dpa-AFX) - Hartford Financial Services Group Inc.(HIG) announced on Tuesday that it has entered into a definitive agreement to acquire Equitable Holdings Inc's Employee Benefits business, a deal representing about $500 million in premium that targets growth with small and midsize employers.
Financial terms of the deal were not disclosed by the company.
The Hartford will also acquire Equitable's Employee Benefits technology, which is expected to enhance employee, employer and broker experiences with unified digital capabilities and real-time API integrations. Approximately 300 employees who support the acquired business will join the Hartford, upon closing.
The companies will work together to support mutual customers through the transition.
Equitable's Employee Benefits portfolio includes group life, disability, paid family and medical leave, supplemental health products, as well as dental and vision. The business focuses on providing flexible, non-medical benefits to small and midsize employers.
The Hartford said the transaction does not change the company's previously announced capital management plans.
The acquisition is expected to close in the fourth quarter of 2026.
In pre-market activity on NYSE, shares of Hartford were down 0.26 percent, changing hands at $142.53, after closing Monday's regular session 0.70 percent higher.
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