Hartford Financial Services Group Inc., the insurer that rebuffed an activist’s calls to split into two companies last year, is considering a sale of a business that offered companies life insurance policies on their employees, people with knowledge of the matter said.
John Paulson, who controls the biggest stake of Hartford Financial Services Group Inc., held a call with analysts covering the insurer as he increases pressure on Chief Executive Officer Liam McGee to break up the company.
Chubb Corp., which mocked rivals for receiving federal aid during the 2007-2009 financial crisis, is leading the largest publicly traded U.S. insurance firms by producing the highest risk-adjusted return.
Hartford Financial Services Group Inc., the insurance company pruning operations after an activist investor urged it to split up last year, hired Deutsche Bank AG to seek a buyer for its Japanese business, people with knowledge of the matter said.
Jay Wintrob, the head of American International Group Inc.’s life insurance business, said the bailed-out firm could consider bidding on units that Hartford Financial Services Group Inc. is seeking to divest.
Hartford Financial Services Group Inc. was the biggest buyer among U.S. insurers of the 2007 Fannie Mae securities offerings that were cited in a lawsuit against Goldman Sachs Group Inc. , SNL Financial said.
Hartford Financial Services Group Inc. Chief Executive Officer Liam McGee, the ex-banker hired in 2009 to restore profits, is resisting renewed pressure from Wall Street to split apart the 201-year-old insurer.