The Hartford Receives Preliminary Approval For $3.4 Billion Participation In Treasury's Capital Purchase Program
HARTFORD, Conn., May 14, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that the United States Treasury Department has provided preliminary approval for the company to participate in Treasury's Capital Purchase Program (CPP) in the amount of $3.4 billion.
"We are pleased that we received preliminary approval to participate in Treasury's Capital Purchase Program," said Ramani Ayer, chairman and chief executive officer of The Hartford. "Applying for participation in the CPP was a prudent step for The Hartford, particularly given the continued economic uncertainty. These funds would further fortify our capital resources and provide us with additional financial flexibility during one of the most volatile market climates in our nation's history."
All terms of the actual Treasury investment in The Hartford are subject to final negotiations and approval.
About The Hartford
The Hartford is one of the nation's largest financial services companies and a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford's Internet address is www.thehartford.com.
HIG-C
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2008 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
SOURCE: The Hartford Financial Services Group, Inc.
The Hartford Financial Services Group, Inc.
Media Contact(s):
Shannon Lapierre, 860-547-5624
Shannon.Lapierre@thehartford.com
or
Debora Raymond, 860-547-9613
Debora.Raymond@thehartford.com
or
Investor Contact(s):
Rick Costello, 860-547-8480
Richard.Costello@thehartford.com
or
JR Reilly, 860-547-9140
JR.Reilly@thehartford.com
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