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."
