US financial giant The Hartford has announced it is suspending selling new insurance and investment policies in the UK as a result of the continued financial turmoil.
It says the London-based sales and marketing operations of Hartford Life, its UK subsidiary, will close in the coming months, although it adds it will maintain its Dublin-based service operation to "honour all in-force policy guarantees". Sales of products in the UK will cease on 8 May, it says, while reports suggest hundreds of employees will lose their jobs as a result. Hartford Life's UK business has more than 18,000 policies in force and £1.2bn of assets under management as of 31 March. It currently markets investment bond and pension products. "Our decision to suspend all sales i...
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