UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 2003
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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-13958 13-3317783
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
The Hartford Financial Services Group, Inc.
Hartford Plaza
Hartford, Connecticut 06115-1900
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (860) 547-5000
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Item 5. Other Events.
On December 19, 2003, The Hartford Financial Services Group, Inc. announced that
it has agreed to a global settlement of all claims arising out of its historical
insurance relationship with Mac Arthur Company and its subsidiary Western
MacArthur Company. The agreement calls for The Hartford to pay $1.15 billion
during the first quarter of 2004 in full and final satisfaction of all claims by
Mac Arthur or asbestos claimants against Mac Arthur.
The agreement is subject to several conditions, including bankruptcy court
approval and the final confirmation of a bankruptcy plan of reorganization for
Mac Arthur granting The Hartford a channeling injunction against any further
direct or indirect liability for asbestos-related claims against Mac Arthur.
Until all conditions have been met, all payments will be held in escrow, and
thereafter will be paid into a bankruptcy trust for the benefit of present and
future Mac Arthur asbestos claimants. The Hartford expects the settlement
agreement to achieve full and complete finality for The Hartford with respect to
all exposures related to Mac Arthur. The cost of the settlement will be funded
from The Hartford's existing reserves.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Date: December 22, 2003 By: /s/ NEAL S. WOLIN
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Name: Neal S. Wolin
Title: Executive Vice President and
General Counsel