History of The Hartford Insurance
One of the biggest providers of insurance policies in the United States is the Hartford Financial Services Group, Inc., more commonly known as “the Hartford.” A Fortune 500 company, the Hartford covers millions of Americans and others around the world with quality insurance.
The Hartford was founded in 1810. It was the result of several Hartford-area merchants pooling their money to create the Hartford Fire Insurance Company. The Hartford grew and grew and was involved in the rebuilding process after several major historical events, such as New York’s fire of 1835, which devastated the city’s financial district; the Chicago Fire of 1871; and the San Francisco earthquake of 1906.
In 1913, the Hartford expanded with the creation of the Hartford Accident and Indemnity Company, which was created to offer consumers accident insurance, automobile liability insurance, personal damage insurance, business interruption insurance, and other kinds of insurance policies. This lead to a major period of growth for the Hartford. Today, the Hartford offers many life insurance operations, including annuities, mutual funds, retirement plans, estate planning, private wealth management, group life insurance and accident insurance, and more.
Another major event in the history of the Hartford occurred in 1959, when it made the move into life insurance with the acquisition of the Columbian National Life Insurance Company, which was based in Boston. The Hartford soon made a name for itself as one of the nation’s biggest issuers of life insurance policies. The Hartford was so successful that in 1970 it was bought by ITT Corporation for a (what was at the time) staggering $1.4 billion. Since that time, the Hartford has been sold by ITT and is again an independent corporation.
As of 2008, the Hartford employed 31,000 people, and had revenues of over $9 billion, with net income reaching almost $3 billion.
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