The Hartford on Wednesday elected Priscilla Almodovar, the former president and chief executive officer of Fannie Mae, to its board of directors, a move company leaders say will bolster oversight as the insurer advances two major strategic transactions and refreshes board membership.
Board changes timed with major transactions
Almodovar will join The Hartford's board effective Sept. 1 and will serve on the finance, investment and risk management committee and the audit committee. Her appointment follows the recent naming of former AssuredPartners CEO Randy Larsen to the board in July, part of what the company describes as a board rebuild.
At Fannie Mae, Almodovar led operations overseeing an enterprise that supports roughly $4.1 trillion in mortgages and directed a strategic transformation that included the company’s first post-financial-crisis return-on-equity target and greater use of risk-adjusted capital allocation practices. Company leadership said those skills are relevant as The Hartford executes a series of initiatives it calls among the most significant in several years.
"Her experience leading large, complex organizations and overseeing significant transformation initiatives will bring valuable perspective as the company executes its strategy,"
— Christopher Swift, chairman and CEO of The Hartford
Acquisition expands employee benefits business
Concurrent with the board changes, The Hartford announced the planned acquisition of Equitable’s employee benefits business on Aug. 4. The deal is intended to expand The Hartford’s presence in the small and midsize employer market — specifically employers with fewer than 500 lives, a segment the insurer identifies as its Priority Business.
- The acquisition would add about $500 million in premium.
- The portfolio includes group life, disability, paid family and medical leave, supplemental health, dental and vision coverages.
- The transaction brings Equitable’s benefits technology platform, which offers real-time API integrations for brokers, employers and employees.
The deal is expected to close in the fourth quarter of 2026, subject to regulatory approval.
What this means locally
For Hartford and the region, the moves could affect a range of stakeholders: local brokers who rely on streamlined benefits administration, regional employers that purchase group plans, and the ranks of employees who work on benefits technology and underwriting. The addition of an executive with large-scale finance and risk governance experience signals the company’s intent to manage governance and capital allocation as its business mix grows.
Insurance brokers in Connecticut pay close attention to how carrier consolidations and platform integrations affect enrollment, commission flows and administration. The Equitable platform’s emphasis on API-driven enrollment and administration could speed processes for local brokers and employers that adopt it, provided integration and regulatory conditions align.
| Item | Detail |
|---|---|
| New board member | Priscilla Almodovar, effective Sept. 1 |
| Recent board addition | Randy Larsen, named in July |
| Acquisition | Equitable employee benefits business — ~ $500M premium |
| Target market | Employers with under 500 lives (Priority Business) |
| Expected close | Q4 2026, regulatory approval required |
The board changes also come at a time when market participants are weighing the impact of consolidation across insurance and benefits administration. The Hartford’s move to add executives with deep experience in large financial institutions and insurance brokerage suggests management is balancing product growth with heightened attention to capital and risk frameworks.
Locally, the insurer’s headquarters and operations in Hartford could see an increased focus on integrating benefits-related technology and servicing the expanded small- and mid-size employer book. That may create demand for technical, underwriting and broker-facing support roles, though the company has not disclosed employment impacts.
As The Hartford proceeds toward closing the Equitable deal and completes its board refresh, local brokers, employers and municipal officials will be watching regulatory filings and implementation plans to understand how services, pricing and technology access may change for groups and employees across Connecticut.
Further details on the transaction and the board’s composition are expected as the company moves through the regulatory review process in the coming months.
