S&P: Hartford Financial Services unchanged

Standard & Poor's said it is taking no rating action on Hartford Financial Services Group Inc. (A/stable/A-1) as a result of Hartford's announcement today that it has entered into an agreement with Equitas and all Lloyd's syndicates reinsured by Equitas.

This agreement resolves Hartford's ceded and assumed domestic reinsurance exposure to Equitas, including recoverables from Equitas under the company's Blanket Casualty Treaty, which is in litigation, the agency added.

S&P said that Hartford also announced that it would take a $243 million pretax charge in the second quarter in conjunction with this commutation and its annual review of all reinsurance recoverables and the allowance for uncollectible reinsurance.

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