INSURANCE: Hartford will also reduce rates
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The subsidiaries of the Hartford group will also reduce rates, Beck said. The Property and Casualty Company of Hartford agreed to reduce its rates by 10 percent. And the Hartford Lloyds Insurance Company will drop its rates by 3.1 percent.
“We felt that the rate increases these companies implemented last year were too high,” Beck said. “We were able to work something out to get the rates reduced and return the overcharges to the policyholders.”
The refunds stem from overcharges the companies have collected since Jan. 29, state officials said.
Hambrick said in an e-mail that the Hartford Financial Services Group was “pleased to have reached an agreement.” There was no admission of overcharging.
“The Hartford is committed to providing a stable market for our Homeowners policyholders in the state of Texas,” he said.
The companies will make new rate filings that will reflect the rate reductions by July 30.