Life insurance branch of Hartford now acquired by Prudential

insurance industry report

The purchase was made for a reported $615 million in cash. Prudential Financial Inc. has announced that it has purchased the Hartford Financial Services Group Inc. individual life insurance business for a cash total of $615 million, adding greater substance to its American operations as its rival works to shed excess weight. It is believed that the deal will close at or near the beginning of 2013. According to a statement from Hartford, this will give it the opportunity to help free up close to $1 billion in capital that…

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Owners of electric vehicles seeing unexpected benefits with their auto insurance

Electric Car Insurance

Auto insurance and electric vehicles are a powerful match Electric vehicles are becoming more popular despite their relatively high cost and the still maturing infrastructure meant to support them. Some consumers have chosen electric vehicles for their environmentally friendly nature, while most others have pegged them as a way to save on fuel costs. Whatever the case may be, owners of electric vehicles are reaping some unexpected rewards, which are quite apparent on the auto insurance bills. Indeed, consumers are seeing savings on their insurance premiums simply by driving electric…

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Hartford Financial Services Group to focus on P&C insurance and group benefits

Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…

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The Hartford to expand auto insurance to more AARP member with the help of independent insurance agents

The Hartford, one of the largest insurance providers in the U.S., has announced plans to expand the accessibility of auto insurance to AARP members. In order to do this, the insurer will have to expand its base of producers. This will be done through a hiring surge, where the insurer will look to bring on new staff and agents capable of bringing auto insurance coverage to those looking for additional options. The company currently has 4,000 agency locations throughout the country and hopes to increase that number to 6,000 by…

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Hartford to test a new form of car policy in 2012

Hartford Financial Services Group has announced its intentions to begin a pilot program in 2012 for an auto insurance policy based on telematics. Hartford’s president of consumer markets, Andy Napoli made the announcement during the company’s investors meeting. The new policy will be using telematics. According to Napoli, using the “devices in insured vehicles to transmit information about driving behavior, such as miles driven, speed, acceleration, deceleration, and using that information to price the risk.” This pilot program will be known as TrueLane and will begin in the first half…

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