AIG (AIG) to Acquire Woodbury Financial from Hartford (HIG)

July 31, 2012 5:06 PM EDT
American International Group, Inc. (NYSE: AIG) today announced that its life and retirement business, SunAmerica Financial Group, Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. (NYSE: HIG) to acquire Woodbury Financial Services, Inc. Woodbury Financial is a leading independent broker-dealer.

Once the transaction is finalized, Woodbury Financial Services will become part of the SunAmerica Financial Group’s Advisor Group, one of the nation’s largest networks of independent broker-dealers. Woodbury Financial’s approximately 1,400 advisors complement Advisor Group’s network, which includes more than 4,800 independent financial advisors at SagePoint Financial, Royal Alliance Associates, and FSC Securities Corporation. Patrick H. McEvoy will continue to serve as Woodbury Financial’s President and Chief Executive Officer, reporting to Larry Roth, President and Chief Executive Officer of Advisor Group.

Roth noted the importance of the acquisition, stating, “Adding Woodbury Financial to our Advisor Group network sends a clear message that we are absolutely committed to the independent financial advisor business model. We will continue to invest in our advisors to help them grow their practices and better serve their clients.”

The transaction is expected to be finalized by the end of 2012, subject to required regulatory approvals and customary closing conditions. Located in Oakdale, MN, Woodbury Financial Services has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States. The roots of Woodbury Financial date back to 1910, with Montana Life.

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