As a long time Hartford ee, I have had the priviledge of working with many talented professionals who are hard working and good individuals. The vast vast majority of our ees always try to put themselves in our customers’ shoes, and we work long hours and love our jobs. Just this year, we were named as one of the “Worlds Most Ethical Companies”, one of only TWO US financial companies that rec’d this honow. We earned it, deserved it and were proud of it.
I have recently been informed that my own job will be elininated, and of course that scares me, but the honor of working with so many fine people will stay with me for many years to come. Should our leaders have seen this coming? I am really hesitant to answer in the affirmative as similar unforseen problems also occurred in every sector. Who got it right? I’m not smart enough to answer that question, but what a shame it is for many good people.
I do believe HIG will recover and regain its prominence someday, hopefully in the not too distant future.
Maybe…just maybe. Folks are getting wise that the Hartford’s way of doing things may not be the best way out there. Couple that in with the financial situation…well….
I’m not sure how the comment on writing LPL on a BOP has anything to do with the current troubles for Hartford regarding investment losses and IKE? People continue to miss that HIGs problems are arising due to investment losses on the Life side.
As I sit here and watch my past company’s stock drop all I can think about is my pension not being there anymore.
Agree though this is not a P&C issue at all, Life , on the other hand, had carried them for many many years, and that’s definitely broken…
BUT I know they are a solid company, and had Harry Reid not positioned his statement between the names of Hartford and Met Life, the drop would not have been as drastic….
I’m not a Right Winger, but I found Reid’s statement irresponsible and I wrote him and told him so….
$2 billion in shares bought back, at prices in the 60-80’s, over the last 18 months ending in June 2008.
That share buyback? Financed primarily with NEW DEBT ISSUANCE. Look at the cash flow statement.
$500 million of those shares bought back in an accelerated arrangement, finalized in June 2008. JUNE 2008!!!~! If management didn’t know the investment losses were coming by that point … If management DID know and bought back those shares anyway …
Buybacks have been a HUGE waste of shareholder cash and cmpany resources, with absolutely NOTHING to show for them. What could that money have otherwise been used for?????
$2.6 billion in net losses for 3Q 2008.
$2.5 billion in capital injections from a foreign insurer.
Shareholder equity total dropped from $18.95 billion a year ago, to $12.56 billion now.
I agree with The Righteous. This is what happens when followers of Ayn Rand take over insurance companies and use them for their personal piggy banks.
Slammer Time Now! Revoke their passports! Investigate and indict with dispatch now before they deceive the public more and before the horse has left the barn–for once! Stop the bleeding now! Justice Now! Justice Now!
As my song goes–
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
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As a long time Hartford ee, I have had the priviledge of working with many talented professionals who are hard working and good individuals. The vast vast majority of our ees always try to put themselves in our customers’ shoes, and we work long hours and love our jobs. Just this year, we were named as one of the “Worlds Most Ethical Companies”, one of only TWO US financial companies that rec’d this honow. We earned it, deserved it and were proud of it.
I have recently been informed that my own job will be elininated, and of course that scares me, but the honor of working with so many fine people will stay with me for many years to come. Should our leaders have seen this coming? I am really hesitant to answer in the affirmative as similar unforseen problems also occurred in every sector. Who got it right? I’m not smart enough to answer that question, but what a shame it is for many good people.
I do believe HIG will recover and regain its prominence someday, hopefully in the not too distant future.
Well, I’m reading a lot of personal rants with very little substance…
Maybe…just maybe. Folks are getting wise that the Hartford’s way of doing things may not be the best way out there. Couple that in with the financial situation…well….
The mighty will fall…..
So, writing Lawyers Prof Liab as a coverage part on a BOP may not be such a good idea anymore ?
I’m not sure how the comment on writing LPL on a BOP has anything to do with the current troubles for Hartford regarding investment losses and IKE? People continue to miss that HIGs problems are arising due to investment losses on the Life side.
You can bet I am bringing this up on all my visits with your customers!!!!
As I sit here and watch my past company’s stock drop all I can think about is my pension not being there anymore.
Agree though this is not a P&C issue at all, Life , on the other hand, had carried them for many many years, and that’s definitely broken…
BUT I know they are a solid company, and had Harry Reid not positioned his statement between the names of Hartford and Met Life, the drop would not have been as drastic….
I’m not a Right Winger, but I found Reid’s statement irresponsible and I wrote him and told him so….
Let’s do some math.
$2 billion in shares bought back, at prices in the 60-80’s, over the last 18 months ending in June 2008.
That share buyback? Financed primarily with NEW DEBT ISSUANCE. Look at the cash flow statement.
$500 million of those shares bought back in an accelerated arrangement, finalized in June 2008. JUNE 2008!!!~! If management didn’t know the investment losses were coming by that point … If management DID know and bought back those shares anyway …
Buybacks have been a HUGE waste of shareholder cash and cmpany resources, with absolutely NOTHING to show for them. What could that money have otherwise been used for?????
$2.6 billion in net losses for 3Q 2008.
$2.5 billion in capital injections from a foreign insurer.
Shareholder equity total dropped from $18.95 billion a year ago, to $12.56 billion now.
I agree with The Righteous. This is what happens when followers of Ayn Rand take over insurance companies and use them for their personal piggy banks.
Slammer Time Now! Revoke their passports! Investigate and indict with dispatch now before they deceive the public more and before the horse has left the barn–for once! Stop the bleeding now! Justice Now! Justice Now!
As my song goes–
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Burning down the House!
Ahhh, yes, those pesky losses. But for the (fill in the blank), we would have made money. How many times have we heard that tune?