The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced the completion of its ground-up study of asbestos-related exposures and a significant strengthening of its asbestos reserves. The company also announced a series of actions and plans to strengthen its capital base, enhance earnings and advance its competitive position.
The Hartford's actions include:
- Strengthening its net asbestos reserves by $2.6 billion;
- Recording a $1.7 billion (after-tax) charge to first-quarter earnings;
- Raising $1.85 billion in capital;
- Exiting the property-casualty assumed reinsurance ...
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