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Hartford Buys Back $2.43 Billion In Securities From Allianz

DOW JONES NEWSWIRES Hartford Financial Services Group Inc. (HIG) agreed to buy back $2.43 billion in securities from Allianz SE (ALIZF, AZSEY, ALV.XE) in order to give the company financial flexibility and improve its capital structure. The company agreed to repurchase junior subordinated debt with a principal amount of $1.75 billion, as well as all outstanding warrants entitling Allianz to roughly 16% of Hartford's common stock. After the repurchases go into effect, Allianz will hold around 5% of the company's shares. The repurchases are expected to close April 17. The German insurer made a $2.5 billion capital investment in Hartford in October 2008 to shore up the company during the credit crisis. Under the terms of the deal, Allianz bought $750 million of convertible preferred shares at $31 each and $1.75 billion in 10% junior subordinated debentures. Allianz also got 7-year warrants entitling it to purchase $1.75 billion of common stock at an exercise price of $25.32. Hartford has largely turned itself around since the financial crisis, repaying a $3.4 billion bailout from the U.S. government, raising its dividend and unveiling a share-repurchase plan. Its bottom line took a hit last year from natural disasters like Hurricane Irene and other costs. Shares were up 1.3% in premarket trading, to $21.36. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com

Stock News for Hartford (HIG)
DateTimeHeadline
11/29/201607:02:00New Research By The Hartford And The MIT AgeLab Reveals Top 10...
11/03/201616:12:37Statement of Changes in Beneficial Ownership (4)
11/02/201616:11:39Statement of Changes in Beneficial Ownership (4)
11/02/201616:11:39Statement of Changes in Beneficial Ownership (4)
11/02/201616:11:12Statement of Changes in Beneficial Ownership (4)
11/02/201616:10:47Statement of Changes in Beneficial Ownership (4)
10/29/201620:00:00Zach Britton, Kenley Jansen Named 2016 Relievers of the Year
10/27/201618:00:00Hartford Profit Rises on Strong Commercial-Lines Results
10/27/201616:30:05Quarterly Report (10-q)
10/27/201616:27:45Current Report Filing (8-k)
10/27/201616:17:00The Hartford Reports Third Quarter 2016 Net Income Per Diluted...
10/13/201612:03:00The Hartford To Provide Grants To Syracuse For Fire Safety Education
10/13/201607:03:00The Hartford To Provide Grants To Indianapolis For Fire Safety...
10/03/201610:45:00Swimmer Brad Snyder Wins Male Athlete Of The Paralympic Games
09/29/201612:05:00The Hartford And UCLA Anderson Forecast Launch Small Business...
09/23/201616:33:02Statement of Changes in Beneficial Ownership (4)
09/21/201616:15:30Initial Statement of Beneficial Ownership (3)
09/09/201608:15:00The Hartford Names John Wilcox Head Of Strategy and Ventures
08/31/201616:09:19Statement of Changes in Beneficial Ownership (4)
08/03/201616:12:01Statement of Changes in Beneficial Ownership (4)

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