Breaking News


Hartford CEO Says Paulson’s Plan for Split Wouldn’t Make Sense

Hartford Financial (HIG) Services Group Inc. Chief Executive Officer Liam McGee, who is seeking buyers for parts of the insurer’s business, said he opted against the complete breakup advocated by billionaire John Paulson because it wasn’t the best way to create value.

“That was a part of our evaluation,” McGee said today in an interview. “I discussed it transparently at our fourth- quarter earnings call and followed up with another comment, saying that while we appreciate the potential benefits of a split, we just didn’t think it made sense for shareholders of The Hartford at this time.”

Paulson runs Paulson & Co., a hedge fund that owns more than 8 percent of the Hartford, Connecticut-based insurer.

To contact the reporter on this story: Andrew Frye in New York at

To contact the editor responsible for this story: David Scheer at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.