The Hartford said Thursday it has an agreement to sell a small sliver of its variable annuity business — the part in the United Kingdom — for $285 million to a subsidiary of Berkshire Hathaway.
A Superior Court judge awarded $20 million in punitive damages — in addition to nearly $15 million previously awarded by a jury in compensatory damages — to Connecticut auto repair shop owners in their 10-year legal battle against The Hartford.
The Hartford Financial Services Group said Thursday it is expecting to post a net loss for the first three months of the year as it posts two charges totaling $740 million.
Connecticut won’t lose hundreds of workers to Massachusetts as employees transfer from The Hartford Financial Services Group to Massachusetts Mutual Life Insurance Co.
Instead, they’ll work in Enfield.
The Hartford started the new year by announcing that it has closed on several major transactions related to the company’s transformation announced last March.
The Hartford Financial Services Group said Wednesday that it had completed the sale of three businesses:
As a small maneuver in a major transformation at The Hartford, the property-casualty insurer is reorganizing its Mutual Funds business.
Some support services for the Mutual Funds unit will be moved from Hartford Life and Accident Insurance Co. to Hartford Life Inc., according to a company filing Monday with the U.S. Securities & Exchange Commission.
Hurricane Sandy is expected to cost The Hartford $370 million in total claims, before tax, the property-casualty insurer said Tuesday.
The Hartford Financial Services Group has reinsurance to cover part of that, and expects the company’s losses from the storm will be $350 million before tax, net of reinsurance.
The Hartford Financial Services Group said Monday it has completed its sale of Woodbury Financial Services to American International Group Inc.
The Hartford said in August it reached a deal to sell Woodbury Financial for $115 million — $25 million that it will retain from Woodbury and $90 million from AIG.
The Hartford Financial Services Group reported much higher earnings in the third quarter compared with a year ago, driven by a very quiet summer in terms of natural disasters and higher prices on home, auto and commercial property insurance.
Net income was $401 million for the three-month period, or 83 cents per diluted share, compared with $60 million, or 11 cents per diluted share, during the same period a year before.
Core earnings were $378 million, or 78 cents per share, compared with $50 million, or 8 cents per share. Analysts polled by Thomson Reuters were expecting, on average, 83 cents per share.
The Hartford Financial Services Group will probably use proceeds from the sale of several business units to pay off debt and buy back shares of company stock, analysts say.
The last of several large divestitures was announced last week with the planned sale of The Hartford’s Individual Life business to Prudential Financial of Newark, N.J., capping off several large divestitures that were part of a major restructuring plan that the company explained publicly in March. The sale is expected to be complete early next year.
It’s unclear how many employees will remain and where they will work after the departure of 2,600 workers, including more than 900 in Connecticut, but by selling various under-performing businesses, The Hartford expects to free up $2.2 billion in capital
“The focus will now shift to capital deployment and timeframes for getting the full $2.2 billion to the holding company, but we expect the majority of capital to be deployed roughly equally on buybacks and deleveraging,” Mark Finkelstein and Paul Surran, analysts for Evercore Partners, wrote in a research note.