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IN BRIEF / INSURANCE

Hartford to Cut Jobs, Exit Reinsurance Line

May 13, 2003|From Associated Press

Hartford Financial Services Group Inc. said it will eliminate 5.2% of its workforce, exit the property-casualty reinsurance business and take a $1.7-billion charge against earnings to boost reserves against asbestos claims.

The financial services company said the job cuts will include the discharge of 850 people and the elimination of 650 vacant positions.

Hartford shares rose $2.88, or 6.6%, to $46.50 on the NYSE.

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