The Hartford has announced that it plans to repay the $3.4 billion it borrowed from the Treasury last year under the Troubled Asset Relief Program.
Hartford officials said the company will raise the money to repay the loan partly by raising new capital and partly from cash on hand. The company plans an offering that will include $1.45 billion of common stock, $500 million of mandatory convertible preferred stock and $425 million in cash, for a total of $2.375 billion.
The decision leaves American International Group and the Lincoln Financial Group as the only insurers that still owe money to federal agencies stemming from the economic crisis of late 2008 and early 2009.
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