Saturday, 28 May 2016
Last updated 9 hours ago
Mar 12 2012 | 1:42pm ET
John Paulson has opened a new front in his battle to split up insurance giant Hartford Financial Services Group.
A month after undressing Hartford CEO Liam McGree on a conference call for analysts and investors, the Paulson & Co. founder went hunting for allies. Paulson held a conference call with analysts covering the Hartford urging them to back his effort to split the insurer's life-insurance and property-casualty business. While McGee has warned that such a move would present "significant challenges," Paulson told the analysts that McGee has "no excuse" for delaying.
Paulson, who is seeking to rebuild his battered funds' fortunes after a disastrous 2011, owns 8% of the Hartford.
Last month, Paulson told McGee that he needs to "overcome the obstacles" and "not merely point out that there's obstacles."
"What I'd like to see you do is not merely come back and say, 'Yes, we're looking at strategic options but there's challenges,'" he added. "How long do we have to wait to hear if there's going to be a positive recommendation to separate these two businesses?"