Hartford Financial Services Group Inc. has decided to sell the U.S. Treasury Department $3.4 billion in perpetual preferred stock.
Hartford Financial, Hartford, is taking the full amount of funding available through the department’s Capital Purchase Program.
Accepting the CPP funding “further enhances our financial flexibility and our capacity to weather significant deterioration in the equity and debt markets, as well as the general economy,” Hartford Chairman Ramani Ayer says in a statement.