WASHINGTON--Hartford Insurance Group announced it plans to acquire a Central Florida thrift, and simultaneously applied for a thrift charter and federal aid under the government's capital purchase program.
The Hartford said it estimates that it would be eligible for a capital purchase of between $1.1 billion and $3.4 billion under existing Treasury guidelines. The final amount of capital request will be determined following approval by Treasury, Hartford officials said.
"We are taking these actions as a strong and well-capitalized financial institution looking for maximum flexibility and stability," said Ramani Ayer, The Hartford's chief executive officer. "Securing capital at the terms available through the capital purchase program could be a prudent course in this market environment and would allow us to further supplement our existing capital resources."
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