HARTFORD, Conn. (AP) — The Hartford Financial Services Group said Tuesday that it completed buying back debt and stock warrants from German insurance company Allianz SE for about $2.43 billion.
The Hartford, Conn., insurer said that the move gives it more financial flexibility and saves it about $45 million annually in interest payments.
The debt and warrants were issued to Allianz in October 2008, the depths of the financial crisis. Hartford had said then that Allianz's $2.5 billion investment would help it strengthen its capital position.
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