Tag Archives: HARTFORD

Business, Finance, Occupation & Industry

The Hartford Announces Expanded Hedging Program That Effectively Eliminates Currency And Equity Mark

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Hartford Announces Expanded Hedging Program That Effectively Eliminates Currency And Equity Market Risks On Japan Variable Annuity Block

  • Talcott Resolution, The Hartford’s life run-off operations, now capital self-sufficient
  • Expects first quarter 2013 DAC charge of $600 million to net income due to expansion of hedging program
  • Company’s capital flexibility significantly enhanced

HARTFORD, Conn.–(BUSINESS WIRE)– At its investor meeting being held today, The Hartford said that the risk profile of its legacy variable annuity block has been significantly improved as a result of actions the company has taken, including an expanded Japan variable annuity (VA) hedging program, as well as the benefit of favorable yen weakening and global equity market movements.

“Last March, we announced a new strategy for The Hartford focused on positioning the organization, over time, to generate greater shareholder value by reducing the company’s exposure to market volatility, lowering our cost of capital and increasing capital flexibility,” said The Hartford’s Chairman, President and CEO Liam E. McGee. “A key element of that strategy, along with profitably growing our go forward businesses, is to reduce the size and risk of the legacy VA block. We are pleased that as a result of actions we have taken and global market movements, the risk profile of the legacy VA block has dramatically improved and Talcott’s operations are now capital self-sufficient.”

“The company’s capital flexibility is significantly enhanced since year end, and our capital generation outlook heading into 2014 and beyond is improved,” said The Hartford’s Chief Financial Officer Christopher J. Swift. “With the significant progress we have made on The Hartford’s transformation, excess capital generated by the go forward businesses — property and casualty, group benefits and mutual funds — will be available for potential capital management actions or reinvestment in the businesses for future profitable growth.”

The company also announced that financial results for the first quarter of 2013 will include a deferred acquisition charge (DAC) of approximately $600 million, after tax. The charge reflects the elimination of future estimated gross profits on the Japan VA block due to the increased costs

From: http://www.dailyfinance.com/2013/04/11/the-hartford-announces-expanded-hedging-program-th/

Business, Finance, Occupation & Industry

Aetna Adds OneHealth® Peer Support Platform to Employee Assistance Program to Help Members Change Be

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Aetna Adds OneHealth ® Peer Support Platform to Employee Assistance Program to Help Members Change Behaviors


–Technology-enabled program engages employees to help reduce health risk factors and lead healthier lives–

HARTFORD, Conn. & SOLANA BEACH, Calif.–(BUSINESS WIRE)– Aetna Employee Assistance Program (EAP) members may now have access to a social networking platform that connects them to peer support and behavior change professionals for help in overcoming chronic behavioral health conditions such as alcoholism, depression or stress. Aetna (NYSE: AET) and OneHealth® Solutions, Inc. announced today that Aetna has licensed the OneHealth platform as a purchase option for their EAP customers.

Aetna Resources for Living, Aetna’s EAP, is a confidential counseling and referral service for employees and their household members. This benefit provides 24/7 access to targeted resources to help employees achieve a more satisfactory work/life balance and to better manage personal and health-related conditions.

“We partnered with OneHealth because of their peer-centered approach to condition management,” said Hyong Un, M.D., chief psychiatric officer and head of Resources for Living for Aetna Behavioral Health. “Employees need relationships and safe connections to make sustained changes to behavior.”

OneHealth’s secure, HIPAA-compliant online and mobile platform gives Aetna EAP members access to integrated, condition-specific social health communities that offer emotional check-ins, evidence-based tools and game mechanics to help them manage their own care and sustain positive behavior change.

OneHealth’s Social Solutioning® platform provides support for a wide range of chronic behavioral and medical conditions, including alcohol addiction, tobacco cessation, depression, stress reduction, diabetes, obesity, respiratory conditions and caregiver/family support for addiction-related disorders, co-dependency and autism.

“Aetna is providing innovative, high-quality health care tools for its EAP members to help reduce health risk factors that contribute to medical spending,” said Bruce Springer, CEO of OneHealth. “We are proud to play an integral role in helping employees enhance long-term health outcomes for one of the largest EAP programs in the U.S.”

OneHealth conducted a pilot with members participating in Aetna’s Alcohol Disease Management and Intensive Care Management programs who had recently completed detox or addiction treatment. Data from the pilot indicated that 81 percent of members who visited the program’s website enrolled. Of the enrolled members, 76 percent showed consistent engagement by returning to the website two or more times.

…read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Hartford Enhances Voluntary Benefits Capabilities With Sales, Enrollment, Product Updates

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Hartford Enhances Voluntary Benefits Capabilities With Sales, Enrollment, Product Updates

Insurer announces expanded sales team, new enrollment partner and increased voluntary disability product distribution

HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford enhanced its voluntary benefits infrastructure, with investments in a new partnership for advanced enrollment capabilities, an expanded sales and service team, and increased availability of its new voluntary disability product.

“Expanding voluntary benefits is a key growth strategy for The Hartford,” said Mike Concannon, executive vice president of The Hartford’s Group Benefits. “We are committed to building on our leadership position in the group benefits marketplace and expanding our voluntary benefits capabilities to respond to the needs of benefits brokers, employers, and employees.”

The Hartford announced a partnership with Selerix Systems to provide an expanded benefits enrollment platform. The Hartford will launch the new enrollment platform starting this fall and continuing into early 2014. The new platform will integrate with The Hartford’s existing digital tools to support self-service enrollment for companies with 50 or more employees. The Hartford’s service teams will support enrollment and medical underwriting, but employers and brokers can also work directly with Selerix to support non-Hartford core benefits enrollment.

The Hartford’s enhanced voluntary infrastructure includes new dedicated roles in the sales and service organizations. A voluntary sales manager and regional sales executives will support field sales and account management teams in delivering expert consultation to brokers and employers. The Hartford also created national practice leads to provide case-level consulting for complex cases while supporting strategic voluntary initiatives, such as DisabilityFLEX.sm

In addition to the enhanced enrollment, sales and services resources, The Hartford is expanding its product availability, making DisabilityFLEX available to employers with more than 1,000 employees. Launched in January to employers with 50 to 999 employees, DisabilityFLEX allows employees to customize their income protection in three key ways – how much money they receive, when, and for how long if they are unable to work due to an off-the-job injury or illness.

“Our specialized team will provide key consultation for brokers and employers who want to add voluntary to their benefits packages,” said Mike Fish, vice president of The Hartford’s voluntary benefits. “Our enhanced enrollment platform and new product will make it easy for employees to sign up for the personalized paycheck protection that they want to protect their future.”

The Hartford’s Group Benefits business helps companies offer their employees …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Aetna's WorldTravelerSM Boosts Benefits for Global Business Travelers

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Aetna’s WorldTraveler SM Boosts Benefits for Global Business Travelers


— Short-term international health coverage bridges gap between domestic and expatriate health care plans —

HARTFORD, Conn.–(BUSINESS WIRE)– Companies seeking international health coverage for their employees traveling abroad on short-term assignments can enjoy greater peace of mind with Aetna’s (NYSE: AET) newly enhanced WorldTravelerSM global health insurance plans.

Effective immediately for all new and existing WorldTravelerSM plans, Aetna has eliminated its annual maximum payout for prescription drugs. Aetna also has lifted its annual medical maximum payout for employees covered by its Premier Plus plans. For all plans with a dependent care option, employees’ dependents are now covered through age 26, up from age 18. Additionally, as of April 1, Aetna has lowered employers’ minimum annual premium to $1,000 on new and renewed plans.

Available for companies in many parts of the world, WorldTravelerSM is stand-alone, short-term international health coverage for employees who travel overseas extensively – up to six months consecutively and nine months annually – but are not candidates for expatriate health coverage. WorldTravelerSM offers benefits rarely available with domestic health care plans or accident policies. Standard benefits include direct billing to Aetna by its global network of more than 70,000 hospitals, clinics and doctors outside the United States, 24/7 customer service, on-call nurses, and medical evacuation and repatriation services.

“We know that dealing with health-related issues can be stressful, especially when people are far from home,” said Eugene Marks, Aetna International‘s general manager of the Americas Region. “That’s why we have enriched WorldTravelerSM. We want our customers to know they can count on us wherever in the world they might be.”

For employers, WorldTravelerSM offers an affordable way to provide international coverage for employees traveling on business. Premiums are based on a per diem cost and the number of projected travel days. Plan administration is easy too. All employees are automatically covered; no individual enrollment is required.

WorldTravelerSM requires no deductible. The plans cover pre-existing conditions and dental injuries. Options include dependent coverage, business travel accident insurance and health care benefits during leisure travel in conjunction with business travel.

About Aetna International

Aetna International is committed to helping create a stronger, healthier global …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Hartford Expands Construction Group

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Hartford Expands Construction Group

Tom Boudreau joins The Hartford as vice president of construction insurance

HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford has enhanced its Construction Group capabilities, bringing together its expertise in underwriting, claims management and loss control, and adding dedicated construction underwriters in key markets across the U.S. These enhancements support The Hartford’s focus on addressing the complex insurance needs of midsize and large construction companies.

Tom Boudreau, vice president of construction insurance at The Hartford. (Photo: Business Wire)

To lead the company’s insurance underwriting and sales for the construction sector, The Hartford has named Thomas M. Boudreau vice president of construction insurance, reporting to Ross Fisher, vice president of The Hartford Construction Group and Bond.

“As the outlook for commercial construction continues to improve, The Hartford is well-positioned to be a go-to carrier for midsize and large commercial contractors,” said Fisher. “Tom brings deep knowledge of the construction industry, a strong risk management focus, and outstanding relationships with the agents and brokers who specialize in this sector, which will be invaluable in growing our construction business.”

Boudreau joins The Hartford from AIG, where he held roles of increasing responsibility in both underwriting and field sales during the last 10 years, including vice president of the company’s largest U.S. region, representing more than 50 commercial insurance lines. Most recently, Boudreau served as AIG‘s construction industry practice leader and primary construction profit center manager for the U.S. and Canada. He began his insurance career as a commercial field underwriter with Allstate.

The Hartford Construction Group is a premier provider of property and casualty insurance and risk management services for midsize and large construction companies, with a focus on heavy trade contractors, commercial builders and sub-contractors. The Hartford offers guaranteed cost, loss sensitive and wrap-up insurance programs and comprehensive claims and loss control services to help construction companies manage their total cost of risk.

To learn more about The Hartford’s insurance and risk management services for construction companies, contact Boudreau at 860-547-2400, thomas.boudreau@thehartford.com or visit http://www.thehartford.com/business-insurance/construction-insurance.

About The Hartford

With more than 200 years of expertise, The Hartford (NYS: <a target=_blank class="tmf-ticker …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Hartford Completes Previously Announced Tender Offers

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Hartford Completes Previously Announced Tender Offers

Company completes cash tender offers for an aggregate principal amount of $800 million of senior debt

HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford, together with Hartford Life, Inc., as provided in the Offer to Purchase dated March 7, 2013 (the “Offer to Purchase”), announced today the acceptance of Notes and early settlement of its previously announced cash tender offers for senior debt in an aggregate principal amount of $800 million. Settlement occurred on March 26, 2013.

“We are pleased to have successfully completed the tender offers, which were executed on favorable terms,” said The Hartford’s Executive Vice President and Chief Financial Officer Christopher J. Swift. The tender offers are part of the debt reduction component of The Hartford’s previously announced capital management plan. The cash consideration for the tender offers totals approximately $1 billion, including the premium associated with the extinguishment of the debt for which the company expects to take a charge to net income of approximately $200 million, before tax, in the first quarter of 2013.

As previously announced, The Hartford intends, as part of its overall capital management plan, to issue, subject to market conditions and other factors, new long-term senior debt securities in an amount equal to all or a portion of the $350 million aggregate principal amount purchased in the Waterfall Tender Offer. However, any such offering of debt securities is expected to occur early in the second quarter of 2013, after the expiration of the Offers. The Offer to Purchase is not conditioned on any issuance of debt securities. The Offer to Purchase does not constitute an offer to sell or solicitation of an offer to purchase with respect to any debt securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or purchase would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The Offers are described in the Offer to Purchase and the related Letter of Transmittal dated March 7, 2013 (together, the “Offer Documents”), previously sent to holders of the Notes.

Since each of the Offers was oversubscribed as of the Early Tender Time, Notes validly tendered at or prior to the Early Tender Time have been accepted in accordance with the acceptance priority and on a prorated basis as described in the Offer to Purchase and the Offerors will not accept for purchase any Notes tendered after the applicable …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Hartford To Webcast Investor Presentation On Talcott Resolution On April 11

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Hartford To Webcast Investor Presentation On Talcott Resolution On April 11

First quarter 2013 financial results will be released on April 29

HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford will host an Investor Day on Thursday, April 11, 2013, from 9 a.m. to approximately noon EDT. The event will be webcast on the company’s website at http://ir.thehartford.com. Presentation materials and a formal agenda will be accessible from the website at the start of the meeting. A replay of the meeting will be available on the website within two hours following the conclusion of the event and the presentation slides will be available for one year following the event.

Presenters will include: Liam McGee, chairman, president and chief executive officer; Christopher Swift, executive vice president and chief financial officer; Beth Bombara, president of Talcott Resolution; and Robert Rupp, executive vice president and chief risk officer.

The presentations will focus on Talcott Resolution, which is principally comprised of the company’s run-off U.S., International and Institutional Annuity books, and will also include a question and answer session. The presentations will also cover The Hartford’s strategic goals, management objectives and financial outlooks for Talcott Resolution in 2013 and beyond, including capital margin and cash flow sensitivities in different scenarios.

In addition, The Hartford also announces that it will release its first quarter 2013 financial results on Monday, April 29, 2013, at approximately 4:15 p.m. EDT and will host a conference call to discuss these results on Tuesday, April 30, 2013, at 9 a.m. EDT. The conference call will be simultaneously webcast on the investor relations section of the company’s website, http://ir.thehartford.com.

About The Hartford

With more than 200 years of expertise, The Hartford (NYS: HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com.

HIG-F

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Small Business Owners Hit Hard By Sandy Outages, The Hartford Finds

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Small Business Owners Hit Hard By Sandy Outages, The Hartford Finds

  • Lack of connectivity likely impaired owners’ ability to reach customers, suppliers
  • Approximately two-thirds of impacted owners experienced power outage; those that had to close were shut down for an average of seven days

HARTFORD, Conn.–(BUSINESS WIRE)– Small business owners were most impacted by connectivity issues such as phone and Internet service (56 percent), according to The Hartford Small Business Pulse: Storm Sandy, which surveyed New York, New Jersey and Connecticut small business owners who reported being impacted during or after Storm Sandy.

The survey revealed that 71 percent of impacted small business owners experienced power outage, which likely led to temporary disruptions in business operations. In addition, approximately three-fourths (74 percent) of impacted owners had to close their doors for a period of time, and it took them an average of seven days to reopen. While only 11 percent experienced structural property damage, 52 percent experienced loss of sales or revenue as a result of Storm Sandy.

“Our research shows that loss of connectivity had a big impact on small business owners, which affected their ability to contact customers and keep their businesses open,” said Ray Sprague, senior vice president of the Small Commercial insurance segment for The Hartford. “We have found that small businesses who take the steps to prepare and protect the business, such as establishing emergency communication systems and backing up critical data, tend to be the ones that can prevail after weather emergencies.”

Despite the notable effects of the storm, approximately nine out of ten owners (87 percent) said that they were equally or better prepared than other small businesses in their area.

The survey, which was fielded nearly three months after the storm struck the East Coast, also found that:

  • Customer issues (65 percent), employee issues (47 percent) and supplier issues (44 percent) were challenges for impacted owners during or after the storm;
  • One-third (36 percent) of small business owners impacted said that they were impacted significantly;

    • <li …read more
    Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Phoenix Companies, Inc. (PNX) Provides Update on Restatement and Filing of GAAP Financial Result

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

The Phoenix Companies, Inc. (PNX) Provides Update on Restatement and Filing of GAAP Financial Results


  • Filings delayed due to scope and complexity of restatement

  • Will provide update on or before April 30, 2013

  • Phoenix Life Insurance Company unaudited statutory results filed with state regulators

  • Estimated fourth quarter and full year 2012 operating metrics provided for The Phoenix Companies, Inc.

HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYS: PNX) today updated the status of its restatement of prior periods and filing of its third quarter 2012 Form 10-Q and its 2012 Form 10-K with the Securities and Exchange Commission (SEC).

On Nov. 8, 2012, Phoenix announced that it would restate previously issued GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012. In its announcement, the company said it was delaying filing its third quarter 2012 Form 10-Q pending the filing of restated financial results, which it expected to be prior to the timely filing of its 2012 Form 10-K.

Phoenix reported today that it will not meet the previously announced timetable for filing its restated financial information and third quarter 2012 Form 10-Q and will not timely file its 2012 Form 10-K. The company will provide an update on or before April 30, 2013.

“We …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Award-Winning Aetna ValuePassSM Provides Consumers Access to "Pay as You Go" Affordable Dental Care

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Award-Winning Aetna ValuePass SM Provides Consumers Access to “Pay as You Go” Affordable Dental Care

Aetna ValuePass SM Card Named Judges’ Choice Winner in 7 th Annual Paybefore Awards


  • A unique, patent-pending innovation to help individuals purchase only the dental care they need, when they need it

  • Offers access to savings of 15% – 50% per visit from credentialed dental providers

  • Provides access for 132 million Americans without dental insurance

HARTFORD, Conn.–(BUSINESS WIRE)– Aetna (NYSE: AET) today announced that the Aetna ValuePassSM was named the 2013 Judges’ Choice award winner by Paybefore Awards at this year’s Prepaid Expo in Orlando, Florida. Judges’ Choice is a category created by the judges to recognize programs that demonstrate an innovative approach to prepaid solutions and show strong growth opportunity. The Aetna ValuePassSM empowers consumers to manage their dental care by allowing them to prepay for discounted services and receive care when needed. Aetna is the first health care company to offer a prepaid card that gives consumers access to affordable, quality dental care with no insurance plan or membership fee required.

“We are honored to have the Aetna ValuePassSM card recognized by Paybefore Awards, the most prestigious award of excellence in the prepaid industry,” said Marcia Vannuccini, head of Aetna Prepaid Card Solutions. “The Aetna ValuePassSM, a pay as you go offering, brings together dental care and prepaid technology in a unique way to help provide affordable care to the millions of Americans without dental insurance or to those who have limited coverage.”

Choice, Savings and Convenience

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Aetna Collaborates with ProHealth Physicians to Achieve Triple Aims for Patient Care

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Aetna Collaborates with ProHealth Physicians to Achieve Triple Aims for Patient Care


From the primary care physician’s office to specialists and facilities, patients will enjoy a more coordinated health care experience

HARTFORD, Conn.–(BUSINESS WIRE)– Aetna (NYSE: AET) and ProHealth Physicians, Inc. (ProHealth) today announced details of a new accountable care collaboration in Connecticut that will support Medicare and privately insured patients. The collaboration with ProHealth is powered by the Healthagen integrated suite of technology and services. Healthagen is a division of Aetna that offers population health management solutions and health information technologies. ProHealth is one of the largest primary care systems in the Northeast, caring for more than 350,000 active patients in Connecticut.

Coordinating Care for Medicare Patients

The collaboration will support ProHealth’s participation in the Medicare Shared Savings Program (MSSP) and ProHealth’s agreements with its commercial managed care partners and plan sponsors. Together, Aetna and ProHealth will enhance the coordination of care for ProHealth’s 30,000 Medicare patients throughout Connecticut.

Patients who need care and support for emerging and chronic health issues will be identified through proactive collaborative care management and sophisticated analytics provided by Healthagen. By identifying the patients who may benefit, the appropriate clinical programs and health interventions can be delivered to them. Together, care management technology, care managers, clinical staff and providers will form a care team to help prevent avoidable health issues, effectively manage those that exist and minimize the progression of chronic disease. The combined collaboration will have a significant focus on patient engagement and compliance to help ensure the long-term success of the overall effort.

The new accountable care agreement is designed to improve the quality of care for ProHealth’s patients while lowering overall health care costs. Over the next twelve months, ProHealth will apply Healthagen’s payer-neutral population management and integrated solutions among its broader patient population, including Aetna fully insured commercial members and Medicare Advantage members who receive their care from ProHealth.

“Working together, Healthagen and ProHealth are bringing the future of health care into reality today. We are forging new ground characterized by innovation and collaboration,” said Martha Temple, president of Aetna’s New England health plan operations. “Healthagen’s integrated technology will provide ProHealth’s physicians with greater access to the broad spectrum …read more
Source: FULL ARTICLE at DailyFinance