The Hartford Financial Services Group announced the appointment of Liam McGee as president of the company, the insurance giant said late Thursday.
McGee, who also serves as chairman and chief executive officer of The Hartford, steps into his additional role as the insurer comes off of a tumultuous period. The company reported a $710 million net income loss after the third quarter. McGee is currently preparing his strategy to right the company, which might include shoring up its businesses in the United Kingdom and Japan, according to a Bloomberg report.
McGee joined The Hartford, which owns the broker-dealer Woodbury Financial Services, as chairman and CEO last September, replacing Ramani Ayer. (Read more on this at: “Hartford Surprise Pick for CEO") Ayer had scaled back operations in the U.K. and Japanese markets.
During Ayer’s last five quarters as CEO, the insurance company recorded more than $5 billion in losses. Last October, the company reached a $1.3 million settlement with the Connecticut attorney general in a price-fixing suit. (Read more at: “The Hartford Reaches $1.3 Million Settlement in Price-Fixing Suit”) Also, it accepted $3.4 billion from the Troubled Asset Relief Program last July. (Read more at: “Hartford Accepts $3.4 Billion in TARP Funds”)
McGee’s appointment as chairman and CEO initially raised eyebrows, because he was an insurance industry outsider. Before coming to The Hartford, McGee led the consumer and small business banking businesses at Bank of America Corp.
The previous president, Tom Marra, retired from the company on July 3. Since then, the office has been vacant, said Shannon Lapierre, a spokesperson for Hartford. McGee has been acting as president since Dec. 17, 2009.
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