|This article needs additional citations for verification. (April 2012)|
|Traded as||NYSE: HIG
S&P 500 Component
|Headquarters||Hartford, Connecticut, U.S.|
|Key people||Christopher Swift, CEO|
|Revenue||$26.2 billion USD (2013) |
|Net income||$ 176 million USD (2013)|
The Hartford Financial Services Group, Inc. (NYSE:HIG), usually known as The Hartford, is a Fortune 500 company and one of America’s largest investment and insurance companies. Headquartered in Hartford, Connecticut, The Hartford's 2013 revenues were $26.2 billion. The company’s earnings are divided between property-and-casualty operations, group benefits and mutual funds.
The Hartford is the 12th-largest property & casualty company in the United States, based on direct written premium. The Hartford sells its products primarily through a network of independent agents and brokers, and has been the direct auto and home insurance writer for AARP’s members for more than 25 years.
The company's product offerings include:
- Auto and homeowners' insurance
- Business insurance, including workers' compensation, auto, property, general and professional liability
- Employee benefits, including disability, life & accident and retiree health
- Mutual funds (sub-advised by Wellington Management)
The Hartford was originally founded in 1810 in Hartford, Connecticut. A group of local merchants gathered in a Hartford inn and, with working capital of $15,000, founded the Hartford Fire Insurance Company. The company survived some of the greatest peacetime tragedies in America’s history. After a huge fire destroyed New York’s financial district in 1835, The Hartford’s president, Eliphalet Terry, used his personal wealth to cover all of the company’s damage claims. Other catastrophic events included the Chicago fire of 1871 and the 1906 San Francisco earthquake and fire.
- 1913: Formed The Hartford Accident and Indemnity Company to provide a wide variety of insurance coverage, including accident, automobile-liability, personal-damage, business-interruption and more.
- 1959: Expanded into the life-insurance business by acquiring The Columbian National Life Insurance Company in Boston, Massachusetts.
- 1970: The Hartford was acquired by ITT Corporation for $1.4 billion, at the time the largest corporate takeover in American history. The combined company was renamed ITT-Hartford Group, Inc.
- 1995: ITT decided to streamline its operations and release some of its subsidiaries, and The Hartford became an independent entity once again, trading on the New York Stock Exchange under the symbol "HIG."
- 1997: Changed name from ITT-Hartford Group, Inc. to The Hartford Financial Services Group, Inc., and also issued an IPO for its Hartford Life business under the ticker symbol “HLI.”
- 2000: Reacquired all the shares of Hartford Life (HLI was delisted from the New York Stock Exchange in 2006).
- 2004: Purchased the Group Benefits Division of CNA Financial. The division was based in Chicago, Illinois.
- March 2012: Announced it would focus on property and casualty insurance, group benefits and mutual funds, and would sell its wealth management businesses.
- 2013: Sold its life insurance business to Prudential, retirement plans to MassMutual, and a broker-dealer to AIG.
Local civic improvement
In 2010, the company announced a $7 million investment in Hartford's Asylum Hill neighborhood, which has housed the corporate headquarters for over 90 years. Sponsored initiatives focus on education, community support services and neighborhood revitalization.
- The Hartford
- "Independent Insurance Agents & Brokers of America".
- "AARP Home and Auto Insurance from The Hartford".
- History Of ITT Corporation
- "Business Insurance: Hartford to focus on property/casualty lines".
- "Hartford Courant: The Hartford Sale of 3 Units Completed This Week".
- "Insurance Journal".
- "The Ethisphere Institute".