Hedge fund titan John Paulson tried on Friday to enlist securities analysts in his effort to force Hartford Insurance Group to separate its property and casualty businesses from the lesser-performing life businesses.
In talks with analysts and in a securities filing with the SEC, Paulson said the Hartford was a “dominant commercial [property and casualty] franchise.”
In his conference call with analysts and in his SEC filing, Paulson said the Hartford P&C operation “served high-margin small businesses,” that it had a strong consumer affinity business through its relationship with AARP, and that it had strong management led by CEO Doug Elliot.
But, Paulson said, all of that is “buried within Hartford Financial Services.”
Paulson’s Paulson & Co. owns 8 percent of the Hartford.
He said on the conference call that there is “no excuse” for the Hartford CEO Liam McGee for waiting to execute the breakup.
He said the Hartford should announce its intention to split the two main businesses in a transaction that may take a year and a half to complete.
He said while only three of 19 P&C analysts cover Hartford, 18 cover Travelers, 18 cover Chubb and 17 cover ACE.