The Hartford Introduces New Technology Practice Group to Meet Insurance Needs of the Fast-Paced Tech Industry
2 February 2006
Technology companies operate in one of the fastest growing and fastest changing industries on the planet. To better serve this market, The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation's leading providers of investment and insurance products, announces the formation of its new Technology Practice Group headquartered at the company's home office in Hartford, Conn. Staffed by a dedicated team of underwriters located throughout the country, as well as legal, claim, product and risk management professionals, the group provides the tools, support and know-how to help agents protect their technology clients from a wide range of rapidly-changing business risks.
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"Rapid change in the $6 billion technology insurance market brings new exposures and new opportunities every day," said Judy Blades, senior executive vice president, Property & Casualty Operations. "Our new Technology Practice Group will work closely with agents and brokers to better understand their clients' distinctive needs, risks and potential for growth. With this customized approach, we'll help select the right insurance protection for any stage in the lifecycle of a business."
This new group will leverage The Hartford's comprehensive line of leading technology insurance products to serve both current and future players in the growing market. These include FailSafe(R), a suite of professional liability products for the technology sector, as well as other commercial insurance products that can be customized for this industry, such as Spectrum, Property Choice and GL Choice. It will also provide the following advantages:
* The high level of seasoned industry expertise that agents and technology
customers demand.
* A streamlined process in which a single underwriter handles all
insurance lines -- property, casualty and technology professional
liability (E&O coverage).
* The ability to serve all types of technology companies, including
electronics manufacturers, software developers, medical device firms,
biotech companies and technology and telecommunications service
providers.
* The products to address diverse problems -- from a fire in the 'clean
room' of a hardware manufacturer to a copyright infringement claim over
a piece of software code.
Partnering with The Hartford's Technology Practice Group will enable companies to focus on what they do best -- creating new products and services -- instead of worrying about their insurance needs.
"This exciting new approach shows how The Hartford can meet the insurance needs of all types of technology businesses, from start-ups to industry giants," says Mike Dandini, vice president of the new Technology Practice Group. "We're 'all tech, all the time,' so we can provide the right coverage for companies at any level they operate. Our expertise and dedicated underwriting will help agents win in this large and complex industry."
The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $27.1 billion in 2005. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property-casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is http://www.thehartford.com.
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 Quarterly Reports on Form 10-Q, our 2004 Annual Report on Form 10-K 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.
Contacts:
Sue Honeyman
860-547-4976
shoneyman@thehartford.com
Debora Raymond
860-547-9613
debora.raymond@thehartford.com
Source: prnewswire
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