Posted on 17 Feb 2010
Former vice chairman of American Life Insurance Co., a unit of AIG, Chief Christoper J. Swift, is leaving the insurer to take join Hartford Financial Services Group Inc.
Swift, 49, will become Hartford’s chief financial officer on March 1, the Connecticut-based insurer said in a statement today.
Hartford Chief Executive Officer Liam McGee has said he wants to reduce investment risk and restore profits after bets by former CEO Ramani Ayer pushed the insurer into five straight losses. Hartford took $3.4 billion in U.S. rescue funds in June after losing $2.75 billion in 2008. Swift will report to McGee, a former Bank of America Corp. executive.
“The risk management was not sufficient,” said Randy Binner, an analyst with FBR Capital Markets, in an interview before the new CFO was announced. “They did not position themselves as well as some others.”
Swift replaces Lizabeth Zlatkus, whose move from CFO to head of risk management was announced in October. Zlatkus will report to McGee in her new role, Hartford said today.