Hartford Announces Shocking Results

Posted by Patrick O'Connor on 10/30/08 10:30 am

Hartford Financial unleashed a $2.6 billion third-quarter loss, its worst result in nearly 200 years of business.  Moreover, the company said it couldn’t accurately estimate the amount of extra capital it has because of market volatility.  As a result, Hartford’s five-year credit default swaps jumped 42 basis points today to about 508 basis points, according to Markit Intraday, and its stock price collapsed more than 50%.

Not surprisingly, other big U.S. life insurers are realigning their investment portfolios.

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