Latest news with #TheHartford
Business Wire
6 days ago
- Business
- Business Wire
The Hartford Names Prateek Chhabra Chief Risk Officer
HARTFORD, Conn.--(BUSINESS WIRE)-- The Hartford is promoting Prateek Chhabra to chief risk officer, succeeding Robert Paiano who will retire from the company at the end of the year following 29 years of service. Chhabra will report directly to The Hartford's Chairman and CEO Christopher Swift. The move is effective Sept. 1, 2025. 'Prateek is an accomplished risk manager with deep knowledge of the insurance industry and known for his ability to turn complex challenges into actionable insights,' said Swift. 'He has advanced our risk management capabilities, driven innovation and implemented strategic improvements across our enterprise making him ideally suited for the role of chief risk officer.' Since 2018, Chhabra has served as senior vice president and chief insurance risk officer for The Hartford. Prior to joining the company, he was chief risk officer for domestic businesses at The Hanover Insurance Group. Earlier in his career, he held multiple risk and strategy consulting roles focusing on the financial-services sector with market leaders, including McKinsey and Company, Aon and Verisk (AIR Worldwide at the time). Paiano has had an accomplished 40-year career in the financial-services industry, culminating with his role as chief risk officer for The Hartford since 2017. Prior to that he served as the company's treasurer. Effective Sept. 1, he will assume an advisory role to ensure a seamless transition. Swift added, 'I commend and honor Robert and the enduring impact of his leadership at The Hartford. He has been a trusted advisor and an exceptional developer of talent. His legacy is defined by a data-driven and thoughtful approach to managing risk, capital and liquidity – hallmarks of our culture. This change reflects the strength of our succession planning and the depth of leadership across the organization.' About The Hartford The Hartford is a leader in property and casualty insurance, employee benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford's legal notice. HIG-C Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2024 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued. From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the 'Email Alerts' section at
Boston Globe
6 days ago
- Health
- Boston Globe
Some Massachusetts parents face hurdles to access paid medical recovery time after childbirth
'It feels like the standard insurance thing of deny, deny, deny, until the person really fights back and understands their rights,' said Coffey, 36, of Arlington. 'And I just think putting mothers who have recently gone through childbirth through that is really egregious.' Advertisement This isn't what state lawmakers had in mind when they passed the family leave law in 2018, with the idea of making life easier for recent mothers, caretakers of elderly parents, and those recovering from illnesses or injuries. But in allowing companies to opt out of a state-run program and operate their own family leave plans, the law opened the door to insurers and other benefit managers. And that has meant hassles. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up It's unclear how many people have had similar experiences — neither the state nor companies collect data on aggravation — but Coffey isn't alone. Facebook pages of mothers' groups are filled with similar stories of frustration, futility, and anger. Most of the time, these disputes are resolved by benefits managers. When they're not, employees can appeal to the state. Since 2021, the Department of Family and Medical Leave has received 26 appeals of decisions by insurers and other plan administrators; all but one were resolved in favor of the claimant. Advertisement Coffey, whose daughter is now 18 months, had lined up child care based on her doctor's recommended leave, but suddenly she faced a scramble to come up child care eight weeks sooner. She eventually convinced The Hartford, her employer's family-leave administrator, to approve all the time prescribed by her doctor. But it required weeks of calls, emails, and gathering additional documentation. 'They didn't tell me [about the six-week limit] until after I had given birth,' Coffey said. 'I was so stressed trying to take care of this little baby and trying to understand if my leave was going to be ending.' The Hartford did not respond to requests for comment. The Massachusetts Paid Family Leave law allows employees to take up to 20 weeks of leave for medical recovery after giving birth and 12 weeks to bond with a new child, although total paid leave is capped at 26 weeks. Employees receive up to $1,170.64 per week in 2025. Most of the 272,000 employers covered by the law participate in a state-run program, funded by employee payroll taxes and employer contributions. The law also allows companies to carve out their own plans, which must provide equal or better benefits than the state program and be approved by state Division of Insurance. About 6,000 companies with an estimated 1.2 million employees use approved private plans, according to the state. Advertisement Employees who receive benefits through the state rarely run into the kind of hassles that Coffey encountered. The state generally accepts what health care providers determine is the appropriate length of medical leave, said Bill Alpine, director of the Massachusetts Department of Family and Medical Leave. Erin Coffey playing with her children Charlie, 4, and Natalie Coffey, 18 months. Matthew J. Lee/Globe Staff 'If the medical provider says, for example, this individual needs 12 weeks for medical care after birth,' Alpine said, 'we're not going to question that.' But that's not always the case with private plans. These plans sometimes pay employees on leave more than the state program does, but the plans ultimately are designed to give companies more control over how and how much benefits are paid out, said Jon Hurst, president of the Retailers Association of Massachusetts. 'If you're in a private plan,' Hurst said, 'you can police it better to make sure that there's not abuses going on in the system.' Mike Spinale, a board member at the Massachusetts state council of the Society for Human Resource Management, said some companies might have 'more onerous' claims processes that require more documentation than the state program. 'In the insurance company is a claims adjuster,' Spinale said. 'and like any insurance, their goal is to pay as little as possible, unfortunately.' Under the law, the benefit of the doubt is supposed to go to employees seeking the time off. Still, Coffey and other women said the onus fell on them when benefits managers refused to approve the full leave recommended by their doctors. Coffey said she only succeeded after sending an email to the The Hartford citing specific passages of the law, including, 'All presumptions shall be made in favor of the availability of leave and the payment of family and medical leave benefits.' Advertisement When she recounted her ordeal to her new moms Facebook group, more than a dozen women asked for the email she sent to the insurer. Coffey posted a She said she regularly hears from new mothers thanking her for posting the template and requesting help navigating the process. Susan Wilson, a mom who works for a local university, said her employer's leave administrator, Workpartners, would only approve eight weeks for medical recovery after the birth of her twin boys, despite her doctor signing off on 14. After weeks of phone tag and emails, Wilson said she caved to the benefits manager's requests to provide additional medical reasons for the extra weeks of leave. But even after her doctor sent the documentation, Wilson said, the back-and-forth continued until Workpartners finally approved her full claim. Workpartners did not respond to requests for comment. Wilson said she felt frustrated by the experience, especially since paid leave in the US lags far behind many other countries. In Canada, mothers take up to 15 weeks of maternity leave 'It just felt so sad that I had to fight and be made to feel like I was asking for too much when, frankly,' Wilson said, 'I still think that we get so little.' Advertisement Stella Tannenbaum can be reached at
Chicago Tribune
14-07-2025
- Business
- Chicago Tribune
Elgin's DNA hoping $100,000 grant will help pop-up vendors become downtown store owners
The Downtown Neighborhood Association of Elgin is creating a new business incubator program with a $100,000 grant from Main Street America. The nonprofit is one of three organizations nationally to receive the Small Business Accelerator Grant funded by The Hartford in partnership with Main Street America, DNA Executive Director Jennifer Fukala said. There are 150 vendors who operate pop-up businesses as part of DNA's weekly Downtown Elgin Market on the Riverside Drive Promenade, which opens for the season this Friday. They could all be potential candidates for the incubator program, Fukala said. 'We see an opportunity to develop a program to help them become full-time brick-and-mortar businesses,' she said. 'We've had some businesses make the jump, and we know it's a big jump. This program is going to help businesses be better prepared to do that.' DNA plans to have a 1,000-square-foot retail storefront and production space for eight to 12 businesses, which will revolve between businesses as owners work toward opening their own location, she said. Expected to open this winter, the space will be downtown in a location yet to be determined, Fukala said. Under the program, already-established small business owners will serve as part of a cohort to provide support and advice, including one component focused just on business development, she said. Ultimately, the goal is to help grow more retail businesses in the downtown district and set them up so they can thrive, Fukala said. DNA is a member of the Illinois Main Street program, and just became nationally accredited by Main Street America. With The Hartford being one of Main Street America's major sponsors, the local organization could eligible for additional funding in the future, Fukala said. Downtown is evolving, DNA Board President Brian Piñon told the Elgin City Council at a recent meeting where the grant was announced. 'We have over a dozen properties under renovation. We have seen properties change hands that haven't changed hands in decades to new property owners that are really investing in our community,' Piñon said. 'This grant represents a national recognition that our downtown has value. (The Hartford and Main Street are) investing in us because our downtown matters,' he said. '(Downtown is) really the heart of our community, and it's where we come together, where we go to see each other. It's kind of our communal living room. It's what DNA has been working hard to create.' The Downtown Elgin Market is one of the big attractions, drawing more than 22,000 visitors last year, according the DNA's annual report. Survey numbers indicate that 56% of those who went to the market also participated in other downtown activities, the report said. This year the market will open two weeks earlier than normal. Held from 3 to 7 p.m. every Friday through Oct. 10, the first day Friday will include a ribbon-cutting with Mayor Dave Kaptain at 3:30 p.m. 'Every year we are looking at how to dial it further or try different things,' Fukala said. 'There are some markets that have already started. We thought we would give it a try.' First Friday market days — with extended hours to 8 p.m. — will be held this Friday as well as June 6 and Aug. 1. It will be open from 3 to 8 p.m. on those days. Food trucks, chef demonstrations, live entertainment and educational programming from community partners are some of the activities offered.
Yahoo
07-07-2025
- Business
- Yahoo
What to Expect From Hartford Insurance's Q2 2025 Earnings Report
Valued at $35.5 billion by market cap, Connecticut-based The Hartford Insurance Group, Inc. (HIG) provides insurance and financial services to individuals and businesses in the United States, the United Kingdom, and internationally. The insurance giant is set to unveil its second-quarter results after the markets close on Monday, Jul. 28. Ahead of the event, analysts expect HIG to report a non-GAAP profit of $2.78 per share, up 11.2% from $2.50 per share reported in the year-ago quarter. Moreover, the company has a solid earnings surprise history. It has surpassed the Street's bottom-line estimates in each of the past four quarters. Chevron Stock's 4.6% Dividend Yield and 1.67% One Month Short Put Yield Make CVX a Buy Tariff Dealine, Fed Minutes and Other Key Thing to Watch this Week SoFi Stock Is Betting on Crypto Again. How Should You Play SOFI Stock Here? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. For the full fiscal 2025, analysts forecast HIG to report a non-GAAP EPS of $10.94, up 6.2% from $10.30 in fiscal 2024. Furthermore, in fiscal 2026, HIG's earnings are expected to surge 16.7% year-over-year to $12.77 per share. HIG stock has soared 25.5% over the past 52 weeks, outpacing the S&P 500 Index's ($SPX) 13.4% returns, but lagging behind the Financial Select Sector SPDR Fund's (XLF) 28% surge during the same time frame. Hartford Insurance's stock prices observed a marginal dip in the trading session after the release of its mixed Q1 results on Apr. 24. The company observed a notable uptick in premium collections, fee income, and net investment income, leading to a 6.1% year-over-year growth in total revenues to $6.8 billion. However, its total earned premiums of $5.8 billion fell short of the consensus estimates by 1.1%. Meanwhile, its adjusted earnings dropped 6% year-over-year to $2.20, but surpassed the Street's expectations by 3.3%. The stock maintains a consensus 'Moderate Buy' rating overall. Of the 20 analysts covering the stock, opinions include nine 'Strong Buys,' two 'Moderate Buys,' and nine 'Holds.' Its mean price target of $135 indicates an 8% upside potential from current price levels. On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
UConn gets massive donation to help student housing. Here's what it targets and how.
Few people living in Connecticut haven't heard of the struggle UConn students can face when it comes to housing. Now, a push to encourage more University of Connecticut students to live in downtown Hartford has drawn another round of corporate support, as a major insurer based in the city has donated $500,000 for housing scholarships. The Hartford made the gift to the UConn Foundation to help offset the cost of room and board for qualifying students in a $28 million residence hall on Pratt Street. Plans call for the residence hall to open for the fall semester of 2026, an expansion in UConn's downtown presence that began in 2017 with the opening of the Hartford regional campus on Front Street. ''We are proud to continue our partnership with UConn Hartford – an institution that shares our commitment to the city we call home,' Claire Burns, chief marketing and communications officer at The Hartford, said, in a statement. 'By supporting housing scholarships for students, we are removing financial barriers and providing students with greater access to opportunities. This gift not only supports students in their academic journey but also contributes to a more active and connected community.' The student residence, which will create 50 suites for up to 200 students, is also aimed at bringing more vibrancy to the downtown area and foot traffic for restaurants, bars and shops. Downtown has struggled with the loss of office workers who only travel to office part of the week, if at all. The addition of more than 3,000 rentals in and around downtown has offset some of the loss of office workers but certainly not all. The Hartford's gift follows a $500,000 donation last year by the insurance giant Travelers Cos. also aimed at making housing more affordable to students who meet financial parameters. UConn said aid for room and board addresses a pressing need on the Hartford campus where 86% of those enrolled received some form of financial help last year. Nearly 60% received Pell Grants, which are awarded to neediest students, according to UConn. In a survey, 70% of students at UConn Hartford said they would like student housing, but it would need to be affordable because many live with their parents. Mark Overmyer-Velázquez, UConn Hartford's campus dean and chief administrative officer, thanked The Hartford for its commitment to the new, downtown housing initiative. 'This investment in our students is also an investment in Hartford's future,' Overmyer-Velázquez said, in a statement. 'Together we are helping to create a more vibrant, dynamic downtown where students can live, learn, and contribute to the city's growth.' This is The Hartford's second major gift to UConn, focused on the downtown campus. In 2021, the property-casualty insurer gave $1 million to create The Hartford Scholars Program. The program provided financial support and mentoring for 50 UConn Hartford students. The $28 million Hartford project involves the conversion of an annex in the office building at 242 Trumbull St., a 4-story structure which has its entrance off Pratt Street. In the meantime, this fall UConn will offer temporary student housing in apartments downtown at the former, now converted, office building at 525 Main St., across from city hall. The decision will help address demand for downtown housing but also a dormitory crunch on UConn's main campus in Storrs. In the last academic year, about 275 first-years and sophomores at the UConn Hartford campus took up the option of living on the Storrs campus. But the housing crunch on the Storrs campus meant eliminating the option for those enrolled in Hartford. About 1,500 undergraduates were enrolled at Hartford as of the fall of 2024. UConn noted that it continues to expand in Hartford. A café will open in the Hartford Times building, the centerpiece of the Hartford campus. In addition, UConn recently opened research space in the same block as PeoplesBank Arena, the former XL Center. Kenneth R. Gosselin can be reached at kgosselin@
