Fitch Ratings placed its fixed income ratings for Hartford Financial Sevices Group Inc. (HFSG) and its insurer financial strength ratings for Hartford Fire Intercompany Pool (Hartford Fire) on rating watch negative. The action followed the company’s announcement that it has initiated a comprehensive review of its current asbestos liabilities. Completion of the review is not expected until the end of the second quarter 2003.
Fitch anticipates that HFSG is likely to contract a reserve charge at the completion of the reserve study, but the magnitude of the charge is unknown at this time. In addition, any possible plans to replace capital lost by the charge is also unknown. Fitch will consider HFSG’s favorable operating performance in 2002, which generated internal capital formation in its property/casualty operations. The company has strong and consistent operating performance, good balance sheet and broad business diversification. It also has a strong property/casualty underwriting track record, good asset quality and long-term profitable growth trends.
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