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Stock Market & Financial Investment News

News Breaks
April 28, 2014
05:46 EDTHIGHartford Financial to sell Japan annuity company for $895M
The Hartford announced it has entered into a definitive agreement with ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation, to sell 100% of the outstanding shares of Hartford Life Insurance K.K., or HLIKK, The Hartford’s wholly-owned Japanese annuity subsidiary. Concurrent with closing, all reinsurance agreements between HLIKK and The Hartford’s U.S. life insurance subsidiaries will terminate, with the exception of an agreement covering about $1.1B of fixed payout annuity reserves. The transaction is expected to be approved by the Japanese Financial Services Agency and, subject to other customary closing conditions, to close in July. The Hartford estimates that the March 31, pro forma effect of the transaction is a U.S. GAAP loss of approximately $675M and a U.S. life statutory surplus loss of approximately $275M. The company estimates a March 31, pro forma capital benefit from this transaction of approximately $1.4B. The estimated capital benefit includes the net sales proceeds of approximately $860M, after-tax, and an estimated reduction in capital required in the company’s U.S. life insurance subsidiaries of approximately $540M due to the termination of certain reinsurance agreements.
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September 10, 2014
10:00 EDTHIGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: African Barrick Gold (ABGLY) upgraded to Neutral from Sell at Goldman... ArcelorMittal (MT) upgraded to Overweight from Underweight at Barclays... CRH Plc. (CRH) upgraded to Outperform from Underperform at Raymond James... Callon Petroleum (CPE) upgraded to Buy from Neutral at SunTrust... Coach (COH) upgraded to Overweight from Neutral at Atlantic Equities... Hartford Financial (HIG) upgraded to Outperform from Market Perform at FBR Capital... Huntsman (HUN) upgraded to Buy from Neutral at Citigroup... Imperva (IMPV) upgraded to Outperform from Perform at Oppenheimer... L Brands (LB) upgraded at Credit Suisse... Marcus (MCS) upgraded to Buy from Neutral at B. Riley... Noodles & Company (NDLS) upgraded to Buy from Neutral at UBS... Sunoco Logistics (SXL) upgraded to Overweight from Equal Weight at Barclays... Triangle Petroleum (TPLM) upgraded to Buy from Accumulate at KLR Group... Twitter (TWTR) upgraded to Buy from Neutral at UBS.
05:56 EDTHIGHartford Financial upgraded to Outperform from Market Perform at FBR Capital
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