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On Monday, American International Group (NYSE: AIG ) announced that it has acquired Woodbury Financial Services from The Hartford Financial Services Group (NYSE: HIG ) , completing an acquisition agreement signed on July 31, and a deal valued at the time at $115 million, including a special $25 million dividend paid by Woodbury to Hartford pre-sale.
Henceforth, Woodbury's 1,400 advisors and $25 billion in assets under management (AUM) will be part of AIG Life and Retirement's Advisor Group. Including current businesses FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial, the Advisor Group now boasts 6,000 financial advisors and $125 billion AUM.
AIG shares are up 0.9% on the news; Hartford shares are up 0.1%.