Hartford gets OK for extraordinary dividend from Connecticut companies The company announced that it has reviewed with the Connecticut Insurance Department its capital management plans and that it has received approval from the Department for a $1.2 billion extraordinary dividend from its Connecticut domiciled life insurance companies. In addition, it expects to dissolve the company's Vermont life reinsurance captive and return approximately $300 million of surplus to the holding company. These actions are expected to be completed by the end of the first quarter of 2013.
Hartford Financial downgraded to Neutral from Buy at Citigroup Citigroup downgraded Hartford Financial to Neutral citing valuation. The firm believes the stock is pricing in Hartford's restructuring. Citi raised its price target for shares to $44 from $41.