Hartford Financial Services Group Inc. says it has enough money to repay federal taxpayers the $3.4 billion bailout. Meantime, the insurer has notified the state it will proceed with the lay off of 116 warehouse-records workers in Bloomfield.
The previously announced offering included the sale of $2 billion in equity and $1.1 billion in debt, the company said Tuesday.
The $2 billion from equity, plus $425 million from the debt offering, will be combined with about $1 billion more in funds from The Hartford’s treasury to repay the Troubled Asset Relief Program (TARP) debt, the company said.
 “We were pleased with the execution of the capital raise,” said Liam E. McGee, The Hartford’s chairman, president and CEO. “There was a high level of investor interest in our offerings and pricing was favorable, reflecting confidence in The Hartford’s future.”
The next step, McGee said, is to repurchase from the U.S. Treasury its preferred shares held in The Hartford as security for the bailout.
In Bloomfield, The Hartford’s workers there handle warehousing and records retention, among other things, the insurer told HBJ Today.
The Hartford said the decision to close the facility, located on One Griffin Road South, was made in October 2008 as part of the company’s overall plan to cut expenses.
The insurer says it will outsource the service components provided by its Bloomfield operations to outside vendors once the facility closes in July.
“Affected employees will be eligible for a severance package, as well as access to career transition services to explore positions both inside and outside The Hartford,” the company said.
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