Hartford Ups Reserve, Exits Re The Hartford Financial Services Group said last week it will exit its volatile property-casualty reinsurance business. The company is also biting the bullet with a massive $2.6 billion strengthening of asbestos reserves.
The Hartford, Conn.-based company said it will post a $1.7 billion charge to first-quarter earnings for the reserve hit.
The Hartford is also cutting 1,500 positions–850 workers will lose their jobs by the end of next month and 650 vacant positions will also be eliminated. The insurer is expecting this cost-lowering effort to save some $50 million this year and $130 million in 2004.
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
© 2024 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.
