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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; [email protected]

Stock News for Hartford (HIG)
DateTimeHeadline
02/15/201716:27:12Current Report Filing (8-k)
02/14/201716:19:31Annual Statement of Changes in Beneficial Ownership (5)
02/14/201716:19:31Annual Statement of Changes in Beneficial Ownership (5)
02/13/201710:01:39Amended Statement of Ownership (sc 13g/a)
02/09/201706:03:07Statement of Ownership (sc 13g)
02/08/201716:23:42Current Report Filing (8-k)
02/02/201716:21:00Current Report Filing (8-k)
02/02/201716:16:00The Hartford Reports Fourth Quarter 2016 Net Loss Per Diluted...
01/24/201714:11:00The Hartford Named To 2017 Bloomberg Financial Services Gender-Equality...
01/24/201706:07:24Amended Statement of Ownership (sc 13g/a)
01/23/201714:49:06Statement of Ownership (sc 13g)
01/18/201714:49:00A.M. Best Removes From Under Review and Upgrades Credit Ratings...
01/03/201714:36:00A.M. Best Comments on Credit Ratings of The Hartford Financial...
01/03/201708:08:47Current Report Filing (8-k)
01/03/201708:00:00The Hartford Enters Into Reinsurance Agreement Covering Asbestos...
12/05/201612:29:00The Hartford Named A Best Place To Work For LGBT Equality For...
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)

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