The Hartford Financial Services Group of Simsbury, Conn. has agreed to purchase Fortis Financial Group, the variable life insurance, mutual fund and annuity arm of Fortis of Woodbury, Minn., for $1.12 billion in cash, Fortis has announced.

The acquisition will increase Hartford's mutual fund assets by more than 30 percent, according to Fortis. The Hartford will also acquire Fortis Advisors, a wholly-owned subsidiary of Fortis Financial Group.

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