UPDATE 1-Insurer Hartford OKs $1 bln stock buyback plan

(Adds share price)

NEW YORK, June 10 (Reuters) - Hartford Financial Services Group Inc (HIG.N) on Tuesday said its board authorized a new $1 billion stock buyback plan, and closed a hybrid debt offering that will allow it to accelerate the repurchase of another $500 million in shares.

The move is likely to give Hartford's share price a boost, with the stock off about 30 percent over the last year.

The life and property casualty insurer said it had reached an agreement to buy back $500 million worth of common shares from Credit Suisse.

Hartford's new $1 billion buyback plan supplements the insurer's earlier $2 billion repurchase agreement, $121 million of which is remaining.

"We intend to opportunistically repurchase another $300 million (of shares) over the next several months," said Chief Financial Officer Liz Zlatkus, in the statement.

Hartford's shares rose 1.25 percent, or 89 cents, to $71.97 on Tuesday. The shares have fallen about 30 percent over the last year, hurt by investment losses over the past two quarters. (Reporting by Lilla Zuill; editing by Carol Bishopric)