A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength ratings of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of the key life/health (Hartford Life) and property/casualty (Hartford Insurance Pool) insurance subsidiaries of The Hartford Financial Services Group, Inc.
Tag Archives: Hartford
Hartford Financial Troubles Not Like AIG’s
Shares of The Hartford stock have recently taken a large hit in the market which has prompted media scrutiny in he wake of AIG’s well publicized troubles. The Hartford has realized huge losses on its investment portfolio in the range of $2.2 Billion due to credit market woes.
In an announcement released by Hartford’s chairman and CEO, Ramani Ayer, they are tackling the difficulties head on with a preemptive strike by entering into a deal with Allianz SE to take on a $2.5 Billion capital investment. As a result, The Hartford projects that it will exceed the required capital margin required by the rating agencies by some $3.5 Billion.
In addition, The Hartford has named Greg McGreevey as their new chief investment officer.
Don’t expect to see The Hartford asking for a government bailout as they appear to be taking proactive steps to solve their own problems in the short term.