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The Hartford Announces Leadership Succession

HIG | June 9, 2014

The Hartford (NYSE:HIG) today announced that Christopher J. Swift has been appointed chief executive officer of The Hartford and a member of the company’s Board of Directors and that Douglas G. Elliot has been named president. Liam E. McGee, currently chairman, president and chief executive officer, continues in his role as executive chairman of the Board until the next annual shareholders’ meeting. The company also appointed Beth A. Bombara to succeed Swift in the chief financial officer role. The appointments are effective July 1, 2014.

Christopher J. Swift (Photo: Business Wire)

“For nearly five years, Liam has successfully led The Hartford through a financial turnaround and strategic transformation that have resulted in a strong, focused company with attractive growth prospects,” said Thomas A. Renyi, presiding director of The Hartford. “We are very appreciative for all he has accomplished on behalf of the company, and look forward to continuing to benefit from his guidance and experience in his role as chairman.”

McGee said, “I am proud of what our team has accomplished over the last five years, returning this iconic American company to a strong financial and competitive position and delivering value to shareholders. With our strategic transformation largely complete, it is the right time for the company and me personally to make this transition. I have great confidence in Chris, Doug and Beth to continue our progress. I look forward to continuing as chairman to ensure a smooth transition, while also devoting additional time to continued recovery from a recent procedure related to my previously disclosed health issue.”

Renyi added, “The Board has been actively engaged in succession planning and we are pleased to be making this transition with all internal executives. Chris is a well-respected and strong leader who has more than 30 years of insurance experience. He also worked closely with Liam to develop The Hartford’s strategy and execute the company’s transformation. Doug is a highly regarded property and casualty industry leader who has driven significant performance improvement in the company’s Commercial Markets business. Beth is an accomplished executive with finance expertise and proven success leading Talcott Resolution, our runoff annuity operation. With a strong team in place, we are confident that this will be a seamless transition and that the company’s progress will continue.”

Swift joined The Hartford in March 2010 and is currently executive vice president and chief financial officer. Previously he held various senior leadership and finance roles at American International Group (AIG). Swift began his career in public accounting at KPMG LLP focused on financial services and was eventually appointed head of the Global Insurance Industry Practice. He earned a bachelor’s degree in accounting from Marquette University and is a CPA. He serves on the Dean’s Advisory Board at the Villanova School of Business and is a member of the International Insurance Society. He also serves on the Board of Connecticut Innovations, an organization that provides financing and support for innovative and growing companies.

Swift said, “On behalf of everyone at The Hartford, I want to thank Liam for his leadership, passion and commitment to the company’s success. I appreciate the guidance he has provided to me personally and look forward to continuing to work with him in his role as chairman. I am honored to be taking on the role of CEO and pleased to be partnering with Doug as the company’s president, particularly given his industry expertise and success. I am excited to be working with Beth in her new capacity, as well as the entire Executive Leadership Team. We will remain focused on executing our strategy to deliver greater shareholder value by profitably growing our Property & Casualty, Group Benefits and Mutual Funds businesses, reducing the size and risk of our legacy annuity block and becoming a more effective and efficient organization.”

Elliot joined The Hartford in April 2011 as president of Commercial Markets. Before that he served as president of Hartford Steam Boiler, a subsidiary of Munich Re, and was a senior advisor with Aspen Insurance Holdings. He began his career in public accounting before joining The Travelers Companies, Inc., where he rose through the ranks to become chief operating officer for Travelers Property-Casualty. Elliot earned his bachelor’s degree in accounting from the University of Connecticut. He is a graduate of the Wharton School of Business insurance executive program and serves as chairman of the Board of Directors of Hartford Hospital.

Bombara has been president of Talcott Resolution since July 2012 and prior to that served as senior vice president and controller for the company. She joined The Hartford in April 2004. Prior to that, Bombara was a senior manager in Deloitte & Touche LLP's audit practice and was a partner at Arthur Andersen LLP. Bombara earned a bachelor's degree in business administration from Bryant University and is a CPA. Bombara serves on the boards of The Village for Families and Children in Hartford, Conn., The Bushnell, a Hartford, Conn., performing arts center, and the Connecticut Women’s Hall of Fame.

About The Hartford

With more than 200 years of expertise, The Hartford (NYSE: HIG) is a leader in property and casualty insurance, group benefits and mutual funds. The company is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com. Join us on Facebook at www.facebook.com/TheHartford. Follow us on Twitter at www.twitter.com/TheHartford.

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Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2013 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

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