John Paulson, a billionaire hedge fund manager and a major shareholder of The Hartford Financial Services Group, has lowered his holdings in the insurer to make bigger investments in other sectors – such as gold and gold-mining firms.
His hedge fund Paulson & Co. lowered its stake in The Hartford to 19 million shares from 31 million shares, according to a regulatory filing last month.
Since last February, Paulson has been demanding that The Hartford focus more on its property/casualty operations. Bowing to pressure, The Hartford completed sales agreements in recent months for its Individual Life, Retirement Plans and Woodbury Financial Services divisions. The Hartford didn’t immediately respond to Insurance Journal‘s inquiry on whether Paulson’s sell-off would have any impact on The Hartford’s strategies.
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