Word: hartford
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...that everyone knows - that's on the verge of going bankrupt," Reid said. The senator stopped short of identifying the company, which might have been smart - except that panicky investors proceeded to dump the stocks of virtually all of the household names in the insurance business. Shares of Prudential, Hartford Financial Services and Metlife tanked in the following days and have struggled to recover...
Consumers could be forgiven for being jittery this week when news came that MetLife and The Hartford, two well known insurance giants, had experienced huge losses on their investments and were seeking billions in private investment to keep up their reserves. Their stocks have dropped by at least half in just a month. After all, wasn't this the way Bear Sterns, Lehman Brothers, Washington Mutual, and Wachovia started their slides into oblivion...
Insurance companies did invest in real estate and mortgages, he says, but not in the huge way the banks did - only about 10% of investments were in those areas industry-wide. It is those investments that have caused recent reported investment losses at MetLife and The Hartford. About two-thirds of insurance company investments are in solid, conservative instruments like federal and municipal bonds. Even AIG, the insurance giant bailed out by the federal government in September, is solvent in its insurance operation. The losses at AIG came mostly from the unrelated financial services division, which other insurance companies...
...jitters over insurance companies came to public attention this week, when stocks of both MetLife and The Hartford took a pummeling as they announced losses on their investments, particularly in the distressed mortgage sector. And the Wall Street Journal reported Thursday that the two companies had discussed merging, though the talks had not produced an agreement. Analysts for the credit rating company A.M. Best have downgraded their outlook for insurance companies, but they say the companies have weathered the financial crisis better than banks and investment houses so far. While warning that "nobody is immune" in such a dismal financial...
...society of free spirits, where fashion is a legitimate and oft-used mode of expression, the idea of a school—nevertheless a public school—mandating that students wear uniforms may at first appear ludicrous. Yet that’s precisely what Hartford, Conn. has required of its public school students. While the imposition of uniforms on public school students is often viewed as a limitation on the freedom of expression and the creativity of our nation’s youth, uniforms are in fact intended to help struggling schools and students foster a sense of academic...