Hartford Financial Services Group Inc., an insurer that received a $3.4 billion government bailout, said on Thursday it had raised $900 million in an equity offering, more than it expected, sending its shares sharply higher.
“We saw strong demand from a broad range of investors, enabling us to increase the offering by $150 million,” Chief Executive Ramani Ayer said in a statement.
The U.S. life and property insurer said it sold 56.1 million shares at $16.03 each. It intends to use net proceeds for general corporate purposes, including the possible repurchase of outstanding debt.
Its shares rose nearly 8 percent to $17.81 in early trade on the New York Stock Exchange.
Hartford as been hurt in past quarters by large losses on retirement products linked to stock market performance.
(Reporting by Lilla Zuill; editing by John Wallace)
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Who Gets Credit for Successful Renewal During Soft Reinsurance Market? 
American Family to Acquire Bowhead Specialty in $1.2B Cash Deal 
After 55 Years in Florida Insurance, Tom Lynch Reflects on Agencies, Changes Needed 
Lemonade Posts $43M Loss for Q2 as it Continues to Grow Customer Base 
