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Insurance Firm CEO Turns Down Year-End Bonus

Hartford's Liam McGee had come under fire this year from the president of hedge fund manager Paulson & Co. and Hartford's largest single stockholder, who urged Hartford to break up the company in order to boost shareholder value.

April 6, 2012
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Hartford Financial Services Group Inc.'s Chairman, President and CEO Liam McGee has requested that he receive no year-end bonus, according to a filing with the Securities & Exchange Commission.

In a proxy statement filed April 5 with the SEC, Hartford said McGee asked that he receive no year-end 2011 bonus.

"The independent directors determined that McGee would have otherwise received an incentive award, but they honored McGee's request and awarded no cash bonus," according to the filing, which did not provide further details.

McGee had come under fire this year from John Alfred Paulson, president of hedge fund manager Paulson & Co. and Hartford's largest single stockholder, who urged Hartford to break up the company in order to boost shareholder value.

Last month, Hartford announced it would exit its individual life, annuities and some other businesses to concentrate on property/casualty, mutual funds and group benefits businesses.

Mark A. Hofmann writes for Business Insurance, a sister publication of Workforce Management. To comment, email editors@workforce.com.

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