Yesterday, Hartford Financial Services Group Inc. announced that it will purchase a group annuity contract from Prudential Financial, transferring $1.6 billion of its $5.65 billion in U.S. pension liabilities. According to a recent Pensions & Investments article, the transfer will be effective Friday. Hartford’s 8-K …
Hartford Financial‘s president and COO, Thomas Marra, is planning to retire, reports Diane Levick in the Hartford Courant. Marra was instrumental in building the firm’s business in variable annuities, but the current stock market slump has hurt insurance companies, such as Hartford, that heavily rely …
MarketWatch reports that Moody’s has lowered its ratings for Hartford Financial. The annuity provider’s life insurance business was downgraded to A1. This means Hartford no longer is high-credit-quality. Future downgrades could be forthcoming, since Moody’s also has a negative outlook for Hartford. A Hartford representative …
An article in the Retirement Income Reporter states that this May, Hartford Financial is planning to launch a new variable annuity product with a guaranteed lifetime benefit. While a lifetime benefit can be quite appealing to individuals nearing retirement, there is a catch in this …
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