Hartford Plans Business Overhaul Amid Paulson Pressure

Law360, New York (March 21, 2012, 3:42 PM EDT) -- Hartford Financial Services Group Inc. on Wednesday announced plans to quit its individual annuity business and potentially sell its individual life, retirement and broker-dealer businesses amid calls from its largest shareholder, hedge fund founder John Paulson, for a structural shake-up.

Paulson, whose Paulson & Co. Inc. has an 8.5 percent stake in Hartford, had publicly pressed the company to spin off its property and casualty insurance business from its life business, which he said would increase shareholder value by as much as 60 percent. The 200-year-old...
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