Hartford Financial Services Group Inc. said Thursday, April1, it will reorganize its insurance, annuity and wealth management businesses in an effort to streamline the company. The 200-year-old insurance giant had been rattled by the financial crisis and says it is now searching for ways to grow its business.
The Connecticut-based insurer, which on Wednesday, March 31, repaid $3.4 billion in federal aid, will divide its operations into three business units: consumer and commercial markets, and wealth management.
Liam McGee, Hartford's chairman, president and CEO, said at the company's investor meeting in New York that, "We're too complex a firm right now."
The new wealth management division will oversee retirement savings, income and estate planning needs of consumers and small business owners. The new commercial markets division will oversee risk protection and benefits for businesses, with a focus on small and mid-size businesses.
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