We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Hartford Says Annuity-Block Sale More Likely as Markets Gain

    March 30, 2012 by Andrew Frye and Andrea Ludtke

    By Andrew Frye and Andrea Ludtke on March 29, 2012

    Hartford Financial Services Group Inc. (HIG) (HIG), the insurer narrowing its focus under pressure from billionaire investor John Paulson, said it is more likely to divest its annuity business after stock markets rose.

    Hartford is considering sales, securitizations and reinsurance transactions to reduce risk tied to liabilities on the equity-linked products it sold in the U.S. and Japan in prior years, Chief Executive Officer Liam McGee said today at a conference in New York organized by JPMorgan Chase & Co. Deals become appealing as markets advance, McGee said.

    “There are the beginnings of markets that are appearing to be receptive to transactions on annuity, particularly U.S. books,” McGee said. “And if the yen continues to weaken we would expect there might be some interest in the Japanese book as well.”

    Hartford will stop selling individual annuities and seek buyers for its individual life, Woodbury Financial Services and retirement-plan operations, the company said last week.

    “The phones are ringing off the hook for all three businesses,” McGee said today.

    Paulson, who controls the largest stake (HIG) in the insurer, said last month that the company should be split to free Hartford’s property-casualty business from life insurance and the risks associated with annuity liabilities.

    “Our ultimate goal is to isolate that risk (HIG) from the ongoing businesses,” McGee said.

    The Standard & Poor’s 500 Index has gained about 11 percent since Dec. 31 and is up 20 percent over the last six months. The dollar has gained more than 6 percent against the yen this year.

    Share Rebound

    McGee’s firm climbed 31 percent this year through yesterday, the third-best performance in the 24-company KBW Insurance Index. (KIX) The company slipped 32 cents to $21.03 at 4:01 p.m. in New York. Hartford, based in the Connecticut city of the same name, needs to reach about $24.71 to recoup Paulson’s investment, filings to the U.S. Securities and Exchange Commission and data compiled by Bloomberg showed last month.

    The insurer traded for more than $100 a share in 2007 before investment losses at the life insurance unit and costs tied to annuity contracts pushed the company to take a capital injection from Germany’s Allianz SE and a U.S. bailout. McGee, who took over for Ramani Ayer in late 2009, repaid the government rescue the next year.

    Paulson told McGee in a February conference call to “do something drastic” to boost the company’s stock price. Hartford trades at less than half its book value while Travelers Cos. (TRV) (TRV), which focuses on property-casualty coverage, was at more than 90 percent of the measure of assets minus liabilities yesterday.

    To contact the reporters on this story: Andrew Frye in New York at afrye@bloomberg.net; Andrea Ludtke in New York at aludtke@bloomberg.net

    To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

    Originally Posted at Bloomberg Businessweek on March 29, 2012 by Andrew Frye and Andrea Ludtke.

    Categories: Industry Articles
    currency