The Hartford Financial Services Group has apparently sent a letter directly to annuity owners informing them of the "opportunity" to trade their older variable annuity contracts for new and repriced variable annuities.

Some industry observers consider the letter and offer self-serving at best.  Apparently many of the older contracts contain the type of impossibly rich benefits that created so much of the recent trouble at the Hartford.

The letters were apparently sent directly to policyholders without the knowledge of the financial advisors who have the customer relationships.

A related article at CBS Moneywatch from Jane Bryant Quinn is well worth the read.