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Greece May Be Cut by S&P

Hartford CEO McGee’s Pay Climbs 41% to $11.2 Million

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April 5 (Bloomberg) -- Hartford Financial Services Group Inc. Chief Executive Officer Liam McGee’s compensation climbed 41 percent last year as the insurer’s stock rebounded.

Compensation was $11.2 million, including a bonus of $2.35 million, compared with $7.94 million in 2011 when he got no award from the incentive plan, according to a regulatory filing today from Hartford, which is based in the Connecticut city of the same name.

McGee has been retreating from life coverage and annuities to limit risks tied to equity markets and interest rates, and has been narrowing the company’s focus on property-casualty coverage and group benefits. The stock rallied 38 percent in 2012 after dropping 39 percent a year earlier.

“Mr. McGee demonstrated strong leadership by taking bold actions to reposition the company for future growth and long-term shareholder value creation,” Hartford said in the filing.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net