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The Boston Globe

Business

The Hartford

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Hartford Financial Services Group, the insurer being pressured by investor John Paulson to break itself up, said it will pay about $2.43 billion to buy back debt and warrants issued to Allianz SE. Chief executive Liam McGee plans to issue senior notes and junior subordinated debt as part of a strategy to improve financial flexibility and cut interest expenses. The company turned to Allianz for capital in 2008, agreeing to pay 10 percent on $1.75 billion of debt as capital markets froze.

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