Hartford, Conn. ? The Hartford Financial Services Group Inc. announced a major restructuring Monday, saying it will cut 1,500 jobs and is getting out of the business of insuring other insurance companies.

The company made its decision after studying its potential exposure to asbestos claims, Ramani Ayer, chairman and chief executive officer, said at a news conference.

Because of concerns about asbestos liability, Ayer said, the firm announced it is boosting its reserves by $3.91 billion to $5.9 billion, and is taking a $1.7 billion charge in the first quarter.

The company has been a “small player” in the property-casualty reinsurance business and couldn’t justify the capital investment required to continue, Ayer said.

The job cuts translate to 850 people being laid off and an additional 650 vacant positions being eliminated, he said. The company employs 29,000.

Most of the layoffs will be in the property-casualty reinsurance division, Ayer said.