Hartford is converting to a savings and loan to qualify for federal assistance under TARP. This is a big deal, maybe even a huge deal if the market continues to have days like today. Here is the take-away paragraph from the news story:
The (insurance) industry has been suffering in recent months with billions of dollars of investments losses and concerns about whether the firms have sufficient capital amid emerging problems in their commercial real estate and annuities portfolios.Variable annuities with their death benefits and riders that guaranteed specific returns are causing concern for insurance companies. No one is hoping for a market rebound more than insurance executives.