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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.