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The market for small commercial business has become more competitive as favorable loss costs in the past few years have

led carriers to expand coverage and reduce pricing. Written premium growth rates in the small commercial market have

slowed and underwriting margins will likely decrease due to earned pricing decreases and increases in loss cost severity. A

number of companies have sought to grow their business by increasing their underwriting appetite, appointing new agents

and expanding business with existing agents. Carriers serving middle market-sized accounts are more aggressively

competing for small commercial accounts as small commercial business has generally been less price-sensitive. Competition

is expected to continue to increase as the slowing economy has reduced the number of new business opportunities.

Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009