March 17, 2010
To Our Stakeholders:
I am pleased to share with you that yesterday The Hartford announced plans to repurchase the $3.4 billion investment we received from the U.S. Treasury last year. This represents a significant milestone in The Hartford’s path forward.
First, I want to express The Hartford’s appreciation for the critical role the federal government and the American taxpayers have played in stabilizing the financial markets. The Hartford always viewed the investment by Treasury as temporary capital and intended to return it as soon as it was prudent.
As part of our plan to return the investment, we have announced plans to raise equity and also issue debt in the coming days. It should take about a week to complete the offerings. On their successful conclusion, we intend to proceed with the repayment to the U.S. Treasury.
In conjunction with the securities offerings announced today, we will be talking with investors about the exciting opportunities ahead for The Hartford and how we intend to position the company to compete and win in the marketplace. We will continue to operate as a multi-line insurance business with a focus on risk-protection and benefits for businesses, wealth management, and affinity group consumer risk protection, such as our partnership with AARP.
I want to thank you for your continued support of The Hartford and look forward to sharing our go-forward plans with you in the near future.
Liam E. McGee
Chairman, President and Chief Executive Officer
How dare they Pay the Government (we the people I guess) back money we gave them. Didn’t they learn from GM that you just say you lost a bunch of it and therefore won’t be able to pay it back. If this doesn’t show how evil insurance companies are, I don’t know what does. Also I am an insurance agent, so thats how I got this, it was e-mailed to me.