Connecticut Insurance Commissioner Thomas R. Sullivan issued a statement today reassuring worried customers of the Hartford Financial Services Group that the firm is solid and safe.
His announcement came after shares of the Hartford, Conn.-based insurer were off about $3 in afternoon trading after opening at $26.46. Earlier, the stock hit a new 52-week low of $21.34. Meanwhile, UBS lowered its price target on the "Neutral"-rated stock to $26 from $70.
Hartford Group announced Monday that Allianz was making a $2.5 billion investment in the firm to bolster its capital position. Management denied it was the first step in a possible Allianz takeover. The company trimmed its dividend and forecasted its third-quarter will show a big loss.
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