Hartford Financial Services Group Inc. announced Wednesday that it has completed the purchase of 49% of Peoples Insurance Co. Ltd., Singapore.

Hartford paid Hwa Hong Corp. Ltd., also of Singapore, approximately $20 million in cash for the stake. Hwa Hong previously owned 99.6% of Peoples Insurance. Hartford, the eighth-largest insurance company in the United States, has subsidiaries in the United Kingdom, Spain, the Netherland, and Latin America.

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