Hartford has completed repurchase of debentures and common stock warrants for $2.425bn held by German insurer Allianz.

The Hartford chairman, president and CEO Liam McGee said the company will continue to take decisive strategic and financial actions to position the company for profitable growth and to improve financial flexibility.

"These actions, along with our sharper strategic focus, demonstrate important steps in our plan to deliver superior, long-term returns for shareholders," McGee said.

The transaction includes repurchasing of all outstanding 10% fixed-to-floating rate junior subordinated debentures due 2068 issued by the Hartford to Allianz in 2008, which have an aggregate principal amount of $1.75bn.

The transaction also includes repurchasing of outstanding warrants allowing Allianz to buy 69,351,806 shares of The Hartford’s common stock.

The repurchase of warrants were part of The Hartford’s current $500m equity repurchase programme, while the company is aiming to complete the remaining part of the agreement of about $106m.