Multiline insurer the Hartford Insurance Group announced today it had given a stake in the firm to competitor Allianz AG for a $2.5 billion cash infusion and informed investors it will take a huge charge in the third quarter to account for a diminished investments portfolio.
Bank of America analysts said the total capital infusion could be $4.25 billion if Allianz decides to exercise warrants it would be given in the deal. However, the analysts said, that would give Allianz a total 30 percent stake in the company.
In other moves designed to reassure markets and preserve cash, HIG also said it will cut its dividend and named a new chief investment officer, Greg McGreevey, a former ING executive.
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