Hartford Insurance to Cut 500 Jobs

The Hartford says it will be cutting 500 jobs, citing losses in its investment portfolios and declining revenues.

The Connecticut-based financial services company says the layoffs will include nearly 125 in the Hartford region.

The Hartford had said last week it would slash jobs and other expenses to save $250 million in annual costs by the end of 2009.

The company says that 500 employees around the country in life and property-casualty insurance operations and corporate staff will be notified by the end of this month that they’ll be laid off.

A company spokeswoman says less than 1 percent of the company’s 12,600 Hartford-region employees will be affected, including those in Hartford, Southington, Windsor and Simsbury.

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Information from: The Hartford Courant, http://www.courant.com