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.
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