Billionaire John Paulson cut his hedge fund’s stake in Hartford Financial Services Group Inc. after pushing the insurer to simplify the company by selling businesses.

Paulson & Co. held 19.5 million Hartford Financial shares at the end of September worth $380 million, down from 31.3 million shares three months earlier, according to a filing today with the U.S. Securities and Exchange Commission. The Hartford, Connecticut-based insurer has gained 24 percent this year.

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