The Hartford Completes Sale of Spain Subsidiary to Liberty Mutual

February 12, 2001

The Hartford Financial Services Group has completed the sale of its Hartford Seguros subsidiary in Bilbao, Spain, to Liberty International, a subsidiary of Liberty Mutual Group. Financial terms of the transaction were not disclosed.

The sale of Hartford Seguros reflects the company’s strategic shift in its international operations to emphasize growth opportunities in the asset accumulation business in Latin America and Asia.

The Hartford has pension and life insurance operations in Latin America, and is selling annuities in Japan through Nikko Securities. The company continues to have reinsurance operations in Spain and other international locations.

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