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Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13. SUBSEQUENT EVENTS

Merger

The Merger Agreement provides for the automatic extension of the outside date from May 1, 2019 to July 1, 2019 to allow the parties additional time to satisfy a mutual condition to closing relating to the receipt of all required regulatory approvals. As of May 1, 2019, the completion of the Merger remained subject to the approval of the New York State Department of Financial Services (the “NYDFS”) and the automatic extension has been triggered. The Company and The Hartford continue to pursue a timely approval of the change in control application with the NYDFS in order to complete the Merger as promptly as possible.

Income Taxes

Subsequent to March 31, 2019, the Company entered into an agreement to settle an uncertain tax position with the Internal Revenue Service related to foreign tax credits for years 2014, 2015 and 2016. The settlement resulted in a decrease to unrecognized tax benefits of $6.4 million.

 

Cash Dividend Declared

On May 9, 2019, our Board of Directors declared a cash dividend on our Company’s Common Stock of $0.07 per share, payable on June 4, 2019 to stockholders of record on May 20, 2019.