The Hartford Insurance Group squashed speculation that last week's $2.5 billion cash infusion by Allianz AG–owner of Fireman's Fund–in return for a stake in the firm is a prelude to a takeover.
“Allianz's capital injection is an investment,” Tom Marra, Hartford's president and chief operating officer, told NU in a phone interview. “They will have no board seats, no management oversight. They are an investor.”
He said Hartford decided to make the deal because “demonstrating superior capital strength is hugely important” during a period of market turmoil.
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