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Hartford Financial Services Group Inc. has been narrowing its focus. (AP Photo)

(Bloomberg) – Hartford Financial Services Group Inc., the U.S. insurer that’s been narrowing its focus, agreed to sell U.K. operations with $1 billion of assets to Catalina Holdings Ltd. to exit risks tied to asbestos and environmental policies issued more than two decades ago.

The units, Downlands Liability Management and Hartford Financial Products International, had shareholders equity of about 223 million pounds ($321 million) as of March 31, the seller said Tuesday in a statement. Catalina counts the Ontario Teachers’ Pension Plan and funds managed by Apollo Global Management LLC among its major shareholders. The Bermuda-based business specializes in runoff deals in which it gets assets and agrees to wind down liabilities initiated by other insurers.

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