IN­SURANCE: Hart­ford will also re­duce rates

Austin American-Statesman - - BUSINESSBRIEFING - teaton@states­; 445-3631

Con­tin­ued from B1

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.

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