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Woodbury Financial Services Acquires Diversified Financial Concepts.

Acquisition Positions Leading Independent Broker-Dealer for Continued Growth and Provides Increased Support for Independent Financial Representatives

WOODBURY, Minn. -- Woodbury Financial Services, a subsidiary of The Hartford Financial Services Group, Inc. (NYSE: HIG) and leading independent broker-dealer, has agreed to acquire the assets of Diversified Financial Concepts (DFC). DFC is an investment and insurance products' marketing firm affiliated with Woodbury, which is based in Tucson, Arizona. The agreement is expected to close in February.

"This acquisition is a win for both firms and our clients, and a natural next step in Woodbury's growth plans," said Woodbury President and CEO Brian Murphy. "We have had an excellent working relationship with DFC since the late 1980s. DFC's high quality financial representatives grow Woodbury across an expanded geography nationwide. In turn, the DFC sales force gains access to Woodbury's independent model, comprehensive support, and performance-based compensation approach."

Since being acquired by The Hartford in 2001, Woodbury has been recognized for its growth and success. Woodbury Financial expects 2006 revenue to exceed $230 million, a 35% increase over 2005. Woodbury is a leader in the independent broker/dealer market and plays a strategic role for The Hartford.

DFC has approximately 240 employees located in 24 branch offices in 12 states. The organization has over $1 billion of assets under management and, in 2005, produced $13.5 million in GDC, or gross dealer concession, from $205 million in investment product sales.

Woodbury Financial Services, part of The Hartford Financial Services Group, Inc. and recent winner of Investment Advisor magazine's 2006 Division IV Broker/Dealer of the Year award, is a broker/dealer with more than 1,900 independent representatives nationwide and 200 home office employees.

The Hartford, a Fortune 100 company, is one of the nation's largest financial services and insurance companies, with 2005 revenues of $27.1 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.

HIG-L

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2005 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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Publication:Business Wire
Date:Dec 18, 2006
Words:453
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