Hartford Promotes Christopher Swift To CEO, Douglas Elliot President - Update

(RTTNews) - Insurance provider Hartford Financial Services Group, Inc (HIG) Monday said it has promoted its Executive Vice President and Chief Financial Officer Christopher Swift as its chief executive officer and a member of the board. The company also appointed Douglas Elliot as its president.

Liam McGee, currently chairman, president and chief executive, will remain as executive chairman of the board until the next annual shareholders' meeting. He was leading the company for nearly five years.

Beth Bombara will replace Swift in the chief financial officer role. The appointments are effective July 1, 2014.

Swift joined Hartford in March 2010. Earlier, he held various senior leadership and finance positions at American International Group (AIG). He has more than 30 years of insurance experience.

Elliot joined Hartford in April 2011 as president of Commercial Markets. Prior to that, he served as president of Hartford Steam Boiler, an unit of Munich Re, and was a senior advisor with Aspen Insurance Holdings.

Bombara has been president of Talcott Resolution since July 2012 and served earlier as senior vice president and controller. She joined The Hartford in April 2004.

Thomas Renyi, presiding director of Hartford stated, "The Board has been actively engaged in succession planning and we are pleased to be making this transition with all internal executives...With a strong team in place, we are confident that this will be a seamless transition and that the company's progress will continue."

HIG is currently trading at $36.24, up 0.03 percent.