Hartford Says Senior Debt Buyback to Cut Profit by $200 Million

Hartford Financial Services Group Inc. (HIG), the insurer scaling back its life business to focus on property-casualty coverage, said first-quarter earnings will be cut by about $200 million as part of a deal to repurchase debt.

The pretax cost is associated with the tender offer for senior debt with a principal amount of $800 million, according to a Business Wire statement today from Hartford, which is based in the Connecticut city of the same name.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

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

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