<PAGE>
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.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-19277 13-3317783
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
HARTFORD PLAZA
HARTFORD, CONNECTICUT 06115-1900
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (860) 547-5000
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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
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99.1 Press release dated October 27, 1998.
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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
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Name: Michael S. Wilder
Title: Group Senior Vice President,
General Counsel
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- - ------- -----------
99.1 Press release dated October 27, 1998.
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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
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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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