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The Hartford Sells Trumbull, A Subsidiary That Specializes In Subrogation

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The Hartford sold one of its subsidiaries, Trumbull Services LLC, to New York City-based ExlService Holdings, Inc., which specializes in outsourcing of business processes such as finance and accounting services.

The deal was announced Monday, though the price was not disclosed.

Trumbull, which has offices in Hartford and Columbia, S.C., specializes in subrogation - when an insurer takes on another insurer to recover part of a claim costs - as well as collecting premiums and administering insurance policies. The company works in property-casualty.

All Trumbull employees "have been offered comparable positions with EXL," the companies said.

"While Trumbull has built strong capabilities as a subrogation services provider, the sale of this business to EXL is consistent with The Hartford's strategy to focus resources on its core insurance and wealth management businesses," said Gary Thompson, executive vice president and chief underwriting officer for Commercial Markets at The Hartford Financial Services Group.

Rohit Kapoor, CEO of EXL, said, "Trumbull enhances our domain expertise in (property and casualty) insurance with subrogation outsourcing. It also brings along a number of valuable relationships with insurance companies that are new to EXL and that we hope to develop more deeply."

Trumbull's president, Brad Burdick, will continue to manage the business and assume an important leadership role at EXL, Kapoor said.

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Matthew Sturdevant is the insurance reporter at The Hartford Courant. He grew up in East Aurora, N.Y., a small village near Buffalo. He started his journalism career in 1999 ... read more

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