By Jud Pyle, CFA, chief investment strategist for the Options News NetworkShares of insurance name Hartford Financial Services Group ( HIG) are hovering around the $28-mark so far on Thursday, and at least one investor expects the stock to continue to tip-toe around this level throughout the later term, and expressed that bet by selling a June straddle. HIG shares are currently trading down more than 2% to $27.90 following the company's share offer pricing this morning. HIG announced that it priced around 52 million shares of common stock at $27.75 per share and also priced 20 million depository shares at $25 each. The company has not announced an earnings release date, but the market expects the report around April 29. At about 10:50 a.m. EST, an investor sold 15,000 near-the-money June 28-strike straddles for $4.45 per spread. The June 28 calls traded for $2.45 per contract, and the June 28 puts crossed for $2 per contract. The calls are home to current open interest of 3,200 contracts, while current open interest of the puts is 1,800 contracts, indicating investors traded the straddle to open betting that the stock could experience a later-term range. Investors will make money if HIG shares close between $23.55 to the downside and $32.45 to the upside. Implied volatility of the June 28 calls and puts is roughly 38%, compared to a 30-day historical volatility of 60%. Jud Pyle is the chief investment strategist for Options News Network (www.ONN.tv) and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.