The Hartford Financial Services Group has said that it is re-entering the structured settlement annuity market as part of an ongoing strategy to grow its annuity business.
The insurer’s Hartford Life Insurance Co. business is issuing a structured settlement fixed annuity that provides tax-free payouts to people who receive settlements related to a workers’ compensation or personal injury claim.
The periodic payments deliver dependable, regular income and are tailored to meet the future needs of the recipient.
The company also offers medical underwriting for structured settlements. Because structured settlement recipients sometimes have accident-related injuries that can reduce their life expectancy, medical underwriting can potentially increase their periodic payments.
The Hartford’s wealth management unit head of annuities Rob Arena said the structured settlement market is a growth opportunity for the company and represents the next step in the re-emergence in annuities and have the financial strength and stability to be successful in the structured settlement market.
At 30 June 2011, The Hartford had $7.6b in assets under management (AUM) related to structured settlement annuities and $91.3bn in total annuity AUM.