Lincoln National to Take Bailout Money and Issue Stock

Lincoln National, the insurance company, said on Monday that it would take nearly $1 billion in federal bailout money, issue new stock and debt, and sell its British insurance business in an effort to shore up its deteriorating capital base.
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The insurer, based in Philadelphia, said in a statement that it was seeking to raise about $2 billion. About $950 million of that will come from issuing preferred stock to the government through the Troubled Asset Relief Program run by the Treasury Department. Lincoln National will be the second insurer to take money from the program since the Treasury approved six major insurance companies for relief money. Hartford Financial said on Friday that it would take $3.4 billion...

NYT: Lincoln National to Take Bailout Money and Issue Stock