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Hartford vows to keep P/C, life units intact; Insurer makes pledge after applying for federal bailout funds.

Publication: Business Insurance
Publication Date: 25-MAY-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Hartford vows to keep P/C, life units intact; Insurer makes pledge after applying for federal bailout funds.(Hartford Financial Services Group Inc)

Article Excerpt
Byline: JUDY GREENWALD

Hartford Financial Services Group Inc.'s expected $3.4 billion in federal bailout funds will give the insurer more financial flexibility and allow it to keep operating as a multiline insurer, say observers.

Hartford released an internal memo last week by Chairman and Chief Executive Officer Ramani Ayer saying the insurer has no plans to sell either its life or its property/casualty businesses, despite earlier reports that the company was attempting to sell assets after suffering significant financial losses as a result of the credit crunch.

The memo was released several days after Hartford announced it had received preliminary approval to receive $3.4 billion from the U.S. Treasury Department's Capital Purchase Program under the Troubled Asset Relief Program. The insurer bought a Florida savings and loan company last year to qualify for the assistance.

A company spokesman said negotiations...

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