Connecticut Insurance Commissioner Thomas R. Sullivan issued a statement today reassuring worried customers of the Hartford Financial Services Group that the firm is solid and safe.
His announcement came after shares of the Hartford, Conn.-based insurer were off about $3 in afternoon trading after opening at $26.46. Earlier, the stock hit a new 52-week low of $21.34. Meanwhile, UBS lowered its price target on the "Neutral"-rated stock to $26 from $70.
Hartford Group announced Monday that Allianz was making a $2.5 billion investment in the firm to bolster its capital position. Management denied it was the first step in a possible Allianz takeover. The company trimmed its dividend and forecasted its third-quarter will show a big loss.
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
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
