April 17, 2012 | last updated June 1, 2012 1:56 pm

The Hartford pays $2.4B for Allianz stake

Hartford Financial Services Group Inc. on Tuesday completed its $2.4 billion buyback of much of German insurer Allianz SE's stake in the Hartford insurer-wealth manager.

The Hartford broached earlier in April its plan to sever most of its financial ties with Allianz, which stepped in with a capital infusion at the height of the financial crisis in late 2008.

After the repurchases, Allianz will still own about 5 percent of the company.

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