Insurer makes huge investment to save troubled company.
Allianz SE has invested $2.5bn in US insurer The Hartford Financial Services Group.
The Hartford will sell $750m of preferred shares to Allianz at $31 per share, and $1.75bn of junior subordinated debt.
It follows recent difficulties over its cashflow as well as fears overits exposure to troubled companies, including AIG.
Allianz will also receive warrants which entitle it to purchase $1.75bn of common stock at an exercise price of $25.32 per share, subject to shareholder approvals. The warrants will expire in seven years.
In its third quarter results, The Hartford said that its expects a net third quarter loss of $8.50-8.80 per share, including net capital losses of $2.1-2.2bn.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
