Current Report


   
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
OCTOBER 27, 1998

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

    DELAWARE                           0-19277           13-3317783
-----------------                     ---------         ------------
(State or other jurisdiction       (Commission File    (IRS Employer
of incorporation)                      Number)        Identification No.)

HARTFORD PLAZA
HARTFORD, CONNECTICUT                                     06115-1900
----------------------                                  -------------
(Address of principal executive offices)                  (Zip Code)

Registrant's telephone number: (860) 547-5000


 
ITEM 5. OTHER EVENTS.

On October 27, 1998, the Hartford Financial Services Group, Inc. (The Hartford) issued a press release regarding its entry into an agreement to sell its United Kingdom-based London & Edinburgh Insurance Co. subsidiary to Norwich Union. The transaction is expected to be completed in the fourth quarter, subject to UK insurance regulatory approval. Additional information is set forth in the Hartford's press release which is filed as an exhibit hereto.

 
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) The following is filed as an exhibit to this Current Report:

EXHIBIT
NUMBER              DESCRIPTION
-------             -----------
99.1                Press release dated October 27, 1998.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE HARTFORD FINANCIAL SERVICES
GROUP, INC.


Date: October 28, 1998             By: /s/ Michael S. Wilder
                                      ----------------------------------
                                   Name:     Michael S. Wilder
                                   Title:    Group Senior Vice President,
                                             General Counsel



 
EXHIBIT INDEX

EXHIBIT
NUMBER              DESCRIPTION
-------             -----------
99.1                Press release dated October 27, 1998.

 


EXHIBIT 99.1
THE
HARTFORD
NEWS RELEASE
                                           Hartford Plaza, Hartford, CT 06115

Date:               October 27, 1998
For Release:        Upon Receipt
Contact:            Joyce Willis                     Steve Minihan
                    Office:  860/547-4951                 Investor Relations
                    Home: 860/286-0202                    Office: 860/547-2403

THE HARTFORD AGREES TO SELL UK SUBSIDIARY
LONDON & EDINBURGH TO BE ACQUIRED BY NORWICH UNION

HARTFORD, CONN. -- The Hartford Financial Services Group, Inc. (NYSE:HIG) today announced it has reached an agreement to sell its United Kingdom-based London & Edinburgh Insurance Co. subsidiary to Norwich Union, a leading provider of general and life insurance sold through intermediaries in the U.K.

The Hartford will receive L315 million (approximately US $525 million) for the ongoing operations of London & Edinburgh. The Hartford will retain ownership of Excess Insurance Co. Ltd., London & Edinburgh's property casualty insurance and reinsurance subsidiary, which is in run-off. The transaction is expected to be completed in the fourth quarter, subject to UK insurance regulatory approval.

London & Edinburgh is the UK's sixth largest general insurance company ranked by net written premium, specializing in household, motor, creditor and commercial insurance, as well as a small credit life insurance operation. At year-end 1997, London & Edinburgh had revenue of US $1.2 billion.

Ramani Ayer, The Hartford's chairman and CEO, said the sale of London & Edinburgh to Norwich Union is a "win" for all three companies. "We will have additional capital to deploy in areas where we have strategic advantage; Norwich Union adds a solid company to its portfolio; and, as a subsidiary of Norwich Union, London & Edinburgh will have the advantage of Norwich Union's strong market position."

--More --

The Hartford/2


The Hartford remains an international competitor, with insurance, financial services and reinsurance operations in the UK, Canada, Europe, Latin America and Asia, said Ayer. "We will continue to allocate capital to markets which have the most potential for growth."

Richard Harvey, Norwich Union's group chief executive, said, "London & Edinburgh represents a rare opportunity to acquire a sizable UK general insurer that will, when merged with our existing general insurance business, bring critical mass in the product areas of creditor and commercial insurance, complementing our existing strong position in the household and motor markets."

The Hartford is one of the nation's oldest and largest international insurance and financial services operations, with 1997 revenues of $13.3 billion. As of September 30, 1998, The Hartford had assets of $141.1 billion and shareholders equity of $6.4 billion. The company is a leading provider of commercial property and casualty insurance; automobile and homeowners coverages; and a variety of life insurance, annuities, employee benefits and asset management plans.

THE HARTFORD'S INTERNET ADDRESS IS WWW.THEHARTFORD.COM
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