Hartford Financial Services Group Inc., an insurer that received a $3.4 billion government bailout, said on Thursday it had raised $900 million in an equity offering, more than it expected, sending its shares sharply higher.
“We saw strong demand from a broad range of investors, enabling us to increase the offering by $150 million,” Chief Executive Ramani Ayer said in a statement.
The U.S. life and property insurer said it sold 56.1 million shares at $16.03 each. It intends to use net proceeds for general corporate purposes, including the possible repurchase of outstanding debt.
Its shares rose nearly 8 percent to $17.81 in early trade on the New York Stock Exchange.
Hartford as been hurt in past quarters by large losses on retirement products linked to stock market performance.
(Reporting by Lilla Zuill; editing by John Wallace)
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