The Hartford Financial Services Group, Inc. - HIG STOCK NEWS

The Hartford has appointed Claire Burns as chief marketing and communications officer effective September 1. She succeeds Kathleen Bromage, who will remain in an advisory role. Burns, previously chief marketing officer at Prudential International, brings extensive experience in branding, marketing, and digital transformation. Meanwhile, Bromage has served in various senior leadership roles at The Hartford since 2004, significantly enhancing the company’s digital capabilities and brand reputation. This leadership transition aims to strengthen The Hartford's position in a competitive market.

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” and the Long-Term Issue Credit Ratings (Long-Term IR) of The Hartford Financial Services Group (HIG). Additionally, the Financial Strength Rating (FSR) of A+ for Hartford Insurance Group has been retained, reflecting its strong balance sheet and operating performance. The ratings outlook is stable, supported by strong capitalization, liquidity, and a diverse investment portfolio. Hartford's successful integration of its 2019 Navigators acquisition and its Hartford Next cost reduction plan further enhance its favorable business profile.

The Hartford reported a robust second quarter for 2021, with net income of $900 million, or $2.51 per diluted share, marking a 94% increase from the previous year. Core earnings reached $836 million, or $2.33 per diluted share, a 91% rise. Despite catastrophe losses of $128 million, the company benefitted from a $149 million reserve development and improved operational efficiencies. The combined ratio for Commercial Lines improved significantly, indicating strong underwriting results. Overall, the company projects continued efficiency gains with estimated pre-tax savings of approximately $540 million in 2022 and $625 million in 2023.

The Hartford declared a dividend of $0.35 per share of common stock, payable on October 4, 2021, for shareholders of record as of September 1, 2021. Additionally, a dividend of $375 on Series G preferred stock (equivalent to $0.375 per depository share) will be payable on November 15, 2021, to Series G shareholders of record as of November 1, 2021. The company's focus on sustainability and integrity strengthens its position as a leader in the property and casualty insurance industry.

The Hartford has appointed Tony Paschali as head of the Southeast Division for its Middle and Large Commercial Insurance business. He will oversee sales and underwriting operations across 12 Southeastern states, reporting to Tracey Ant. Paschali has over 18 years of experience at The Hartford, most recently serving as regional vice president in Atlanta. His leadership aims to enhance relationships and expand business results in the region.

The Hartford announced executive changes effective August 2, with Deepa Soni becoming the new head of Technology, Data, Analytics & Information Security, and John Kinney taking on expanded responsibilities in Operations alongside Claims. Soni, who joined in 2019, has significantly improved technology capabilities, while Kinney, with The Hartford since 2003, will enhance customer experience. Mary Nasenbenny will succeed Kinney as chief claims officer. These changes aim to bolster The Hartford's commitment to innovation and operational efficiency.

The Hartford has appointed Gretchen Thompson as head of Construction, Inland Marine, Excess Solutions, and Complex Liability Solutions within its Middle & Large Commercial business unit. Thompson succeeds Adrien Robinson and will report to A. Morris “Mo” Tooker. With extensive experience since joining The Hartford in 2005, she has been pivotal in driving growth in the Western Division. Thompson, recognized on the Business Insurance Women to Watch list in 2016, has a finance background from General Electric and a degree from Boston College.

The Hartford has appointed Adrien Robinson as head of Global Specialty, succeeding Vincent Tizzio, who is leaving the company. Robinson, with over 20 years of insurance experience, previously led Complex Casualty, Construction, and Marine divisions at The Hartford. Under Tizzio's leadership, Global Specialty has seen strong results since its establishment in 2019. Robinson's technical expertise includes a law degree in environmental and energy law and a background in environmental engineering.