Philadelphia Financial to Acquire Private Placement Insurance Operations Unit From The Hartford

Philadelphia Financial Group, Inc., today announced its agreement with affiliates of The Hartford Financial Services Group, Inc. (NYSE: HIG) to acquire all of the assets of Hartford Life Private Placement, LLC. The transaction, which is subject to regulatory approvals and closing conditions, is expected to close in 2012. Upon closing, Philadelphia Financial Group, Inc. and certain insurance subsidiaries of The Hartford Financial Services Group, Inc. will enter into a long term servicing agreement whereby Philadelphia Financial will service the $35.0 Billion in private placement insurance business previously serviced by HLPP.