Hartford Financial Services Group Inc. is a diversified U.S. insurance and financial services company. It offers investment products and a range of insurance products, including individual life, group life, group disability, and property and casualty. Hartford was a big player in variable annuities, which were hit hard in the credit crisis. Going forward, the company intends to steer clear of concentrations in any product, including variable annuities, and focus on four primary business segments: commercial markets, consumer markets, wealth management and digital commerce.
The Hartford had been granted a thrift charter so its affiliates could receive capital under the federal bailout. It has since repaid its $3.4 billion TARP bill, but the U.S. government still has 52 million warrants from the firm, which are expected to be sold at auction.
Barron's once called the multiline insurer "the poor man's American International Group Inc.." The magazine also called it "solid, if unexciting," and maybe that's why it's still standing -- in contrast to its crippled rival. The company is still based in its namesake city of Hartford, Conn. Among its cherished traditions is its widely recognized stag logo, which is now prominent on its the firesuit of Indy 500 winner Dario Franchitti, a member Hartford's NASCAR team. For literary types, there is the Pulitizer Prize-winning Wallace Stevens, an ex-long-time employee and company vice president.
The company is still adjusting to a new boss. Chief executive Liam E. McGee hails from Bank of America Corp.
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