The Hartford Financial Group, in the face of falling stock prices, issued an unusual statement to reassure that its companies are doing well and it has plenty of cash.
Shares of the Hartford, Conn.-based firm, which were selling in the $79 range six months ago, were trading this afternoon in the $37 range, after closing yesterday at $40.99.
A decline in the stock price followed Fitch Ratings' announcement yesterday that it was putting the company's outlook on negative. Fitch said while the firm has capacity to address deterioration in its capital position, it takes the view that “conditions in the financial markets could experience further deterioration and thus provide additional challenges for the company.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
