The Hartford Insurance Group Inc - HIG STOCK NEWS

The Hartford (NYSE: HIG) confirmed receiving an unsolicited, non-binding acquisition proposal from Chubb Limited (NYSE: CB). The Board of Directors is evaluating the offer with financial and legal advisors, emphasizing their commitment to shareholder interests.

The Hartford is a prominent player in property and casualty insurance, with a history spanning over 200 years, known for its service excellence and sustainability practices.

The Hartford has declared a dividend of $375 for each Series G preferred stock, translating to $0.375 per depository share. This dividend is payable on May 17 to shareholders on record by the close of business on May 1. This announcement reflects the company's commitment to returning value to its investors while maintaining a strong financial performance, underscoring its position as a leader in property and casualty insurance and group benefits.

The Hartford reported strong core earnings of $2.1 billion ($5.78/share) for 2020, a 1% increase over 2019, despite challenges from COVID-19 and other adversities. Fourth quarter net income was $532 million ($1.47/share), a 2% decrease year-over-year, impacted by excess mortality costs and asbestos reserve charges. The P&C business showed improved underwriting margins due to higher pricing and operating efficiencies. Book value per diluted share rose 15% to $50.39. 2021 outlook includes a combined ratio target of 93.5-95.5 for Commercial Lines, emphasizing continued operational discipline.

Sixth Street has announced a definitive agreement to acquire Talcott Resolution Life Insurance Company from a consortium of investors, including Cornell Capital, Atlas Merchant Capital, and others. The acquisition is part of Sixth Street's strategy to expand its footprint in the insurance sector, reinforcing Talcott's potential as a consolidation platform in the U.S. life and annuity market. The transaction, expected to close in Q2 2021, follows Talcott's successful growth since its independence from The Hartford in 2018, managing over $90 billion in liabilities for around 900,000 customers.

On January 20, 2021, Sixth Street announced a definitive agreement to acquire Talcott Resolution Life Insurance Company from a consortium of investors led by Cornell Capital and others. Talcott manages over $90 billion in liabilities and serves approximately 900,000 customers, focusing on risk management solutions. The acquisition, expected to close in Q2 2021, highlights Talcott's growth since its independence in 2018. CEO Pete Sannizzaro will continue leading the company post-acquisition, leveraging Sixth Street's long-term capital for further expansion.

The Hartford's Board of Directors has approved a significant $1.5 billion share repurchase program effective from January 1, 2021, to December 31, 2022. This initiative aims to enhance shareholder value and reflects the company's strong capital position. The repurchase will include common stock and convertible securities, with purchases possibly executed via open market transactions or privately negotiated deals. Future buybacks will be strategically timed based on the company’s market conditions and capital strength, allowing flexibility in response to financial dynamics.

The Hartford announced the appointment of Donna James to its board of directors, effective February 17, 2021. She will join the Finance, Investment and Risk Management Committee. James brings extensive experience in the insurance industry, having served in various roles including president of strategic investments at Nationwide Mutual Insurance Company. Her expertise spans accounting, investing, and risk management, positioning her to contribute significantly to the company's focus on innovation and customer experience.

HARTFORD, Conn.--Major League Baseball has announced the winners of the 2020 Mariano Rivera and Trevor Hoffman Reliever of the Year Awards. Liam Hendriks of the Oakland Athletics received the American League award, achieving a 1.78 ERA with 14 saves. Devin Williams of the Milwaukee Brewers won the National League award, becoming the first rookie to do so, finishing with a remarkable 0.33 ERA. The awards are determined by a panel of legendary relief pitchers and honor outstanding performance in the regular season.

The Hartford’s board has declared a $0.325 per share dividend on common stock, payable on January 5, 2021, to shareholders of record by December 1, 2020. Additionally, a dividend of $375 for the Series G preferred stock (or $0.375 per depository share) will be distributed on February 16, 2021, to shareholders of record by February 1, 2021. This announcement reflects The Hartford's commitment to returning value to shareholders while continuing its operations in property and casualty insurance, group benefits, and mutual funds.