American International Group’s (AIG) life and retirement business has purchased Woodbury Financial Services from The Hartford, for an undisclosed sum.
The acquisition follows a definitive agreement that was signed on 31 July 2012.
On completion of the deal, nearly 1,400 advisors and $25bn in assets under management will be added to trade as part of AIG Life and Retirement’s Advisor Group.
Advisor Group comprises three broker dealers including FSC Securities Corporation, Royal Alliance Associates, and SagePoint Financial.
The group now has more than 6,000 independent financial advisors, over 800 home office employees and more than $125bn in assets under management, according to the AIG.
AIG Life and Retirement president and chief executive officer Jay Wintrob said that the deal will further strengthen Advisor Group capabilities in the independent broker-dealer market.
US based AIG offers life insurance, property-casualty and retirement services and operate businesses in more than 130 nations and jurisdictions, globally.