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Hartford Life Distributors combines the internal and external sales units, marketing and sales support teams, relationship management groups and business development areas that support Hartford's mutual funds, annuities, 401 (k) plans and 529 college savings plans businesses. Hartford said it expects to get better consistency across its sales, marketing and service teams, while supporting customers' needs in each of these markets. Kevin Connor, an executive vice president, was tapped to lead the new organization. Most recently, he led marketing, relationship management and business development for investment and retirement products. Connor held several leadership positions at Hartford in a nearly 30-year career in retirement sales and distribution management. Hartford (NYSE: HIG) said its investment and retirement businesses represented $25 billion in deposits at June 30. In the second quarter, the multiline insurer posted a $15 million loss, but Chairman and Chief Executive Officer Ramani Ayer said the company is well on its way to restoring financial stability. (BestWire, July 30, 2009). To help it stabilize its finances, Hartford is receiving $3.4 billion in federal bailout funds, received permission from Connecticut's insurance regulator to use nearly $1 billion for statutory capital surplus and, in 2008, sold a $2.5 billion equity stake to Germany-based Allianz Societes Europaea. Hartford plans to lay off nearly 2% of its total work force. Ayer said Hartford will be focusing on three protection insurance businesses in the future ? property/casualty, group benefits and life insurance ? and also get more focused on its U.S. business (BestWire, July 30, 2009). Hartford Life Insurance Co. currently has a Best's Financial Strength Rating of A (Excellent). (By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com) For full details for HLI click here.
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