Hartford Financial Services (HIG) Boosts Reserves Through Regulatory Approval

Hartford Financial Services Group (NYSE: HIG) said on Thursday that the Connecticut insurance department approved two accounting changes that will effectively boost its life insurance unit's surplus capital by $987 million as of the end of 2008.

Hartford Financial disclosed the state's approval of two "permitted practices" in a regulatory filing with the SEC. This surprising development comes after a national group of insurance regulators voted not to approve such changes for life insurers nationwide.

U.S. life insurers sought regulatory relief after large losses in recent quarters. Hartford and others had also sought capital injections under the U.S. government's $700 billion financial services rescue plan.

Last night, Hartford Financial Services announced its Property & Casualty COO resigned.

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