Hartford, Conn.-based The Hartford Financial Services Group Inc. has unveiled a new corporate strategy aimed at fostering growth.
The news comes on the heels of the announcement that the company has repaid its obligations to the U.S. Treasury. The Hartford's Chairman, President and CEO Liam McGee announced the restructuring at an investor meeting in New York City. The plan creates three primary business units: risk protection and benefits for businesses, wealth management and consumer risk protection for affinity groups.
To lead the commercial group, the company named Juan Andrade to serve as president of Commercial Markets. The group will provide risk protection and benefits for businesses, offering small commercial, middle market and specialty property/casualty, and group benefits, with a growth focus on small and mid-sized businesses.
John Walters was picked serve as president of Wealth Management group, which will seek to capitalize on the swelling ranks of retired Americans by offering retirement savings, income and estate planning services to consumers and small business owners.
Lastly, for the consumer segment, the company said it would continue to grow its auto and homeowners insurance program through independent agents and direct distribution. The company is conducting an internal and external search for a Consumer Markets leader.
Separately, the insurer said it would seek to reach customers through the Web, and to generate customer research and analytics. To head this initiative, the company named Jonathan Bennett as EVP of digital commerce and customer analytics.
"The new go-to-market organization will allow us to better capitalize on our competitive advantages,” McGee said. “We have a large and growing customer base; a broad and diverse product portfolio; and an enviable distribution network of agents, brokers and advisors. The Hartford's goal is to deliver sustained, profitable growth with strength, confidence, focus and discipline."
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