Feb. 8 (Bloomberg) -- Hartford Financial Services Group Inc. must take “aggressive action” to improve the stock price, said NWQ Investment Management Co., one of the insurer’s largest shareholders.
“It’s our view that it’s time for Hartford to take aggressive action and deliver value to shareholders,” Tamara Kravec, a managing director with NWQ, said today in an interview. “They have multiple avenues to unlock value. It takes time.”
Hartford’s biggest investor, billionaire John Paulson, told Chief Executive Officer Liam McGee on a conference call today to “do something drastic.” Paulson endorsed the analysis of Christopher Giovanni, a Goldman Sachs Group Inc. analyst, who said Hartford should split its life-insurance and property- casualty businesses. Hartford, based in the Connecticut city of the same name, dropped 39 percent in New York last year.
“We have an incredible sense of urgency on looking at all ideas to create shareholder value,” McGee said on the call.
NWQ held about 4.8 percent of Hartford as of Sept. 30, according to data compiled by Bloomberg. Paulson & Co.’s stake was about 8.7 percent.
--Editors: Dan Reichl, Dan Kraut
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