John Paulson Tells Hartford CEO to Make "Drastic" Change
John Paulson, the billionaire hedge fund manager who controls the largest stake in Hartford Financial Services Group Inc. (HIG), told Chief Executive Officer Liam McGee he needs to reverse the insurer’s stock slide. “Hartford needs to do something drastic because the stock is the lowest valuation relative to book value of any major insurance company,” Paulson said today at a conference call for analysts and investors held by Hartford, which is based in the Connecticut city of the same name.
Hartford hired advisers to evaluate splitting the life insurance and property-casualty businesses, the company said today. McGee, who was hired in 2009, told analysts before Paulson spoke that dividing the firm would present “significant challenges” for the insurer.