The Hartford Creates New Division, Sheds A President

July 01--The Hartford today is replacing its Simsbury-based Hartford Life division with a Wealth Management division run by a new president.

Hartford Life President John C. Walters, 48, is leaving at the end of July "to pursue other opportunities," the company said.

Walters was one of several executives who climbed the ranks under former CEO Ramani Ayer, who retired in October 2009. He is also the most recent executive to be replaced under new CEO Liam McGee, who started in October.

David N. Levenson, 43, will be president of Wealth Management, a $330 billion operation with 6,000 employees globally, including 2,500 in Connecticut. Levenson has been with The Hartford Financial Services Group since 1995, joining the company from Fidelity Investments.

In April, McGee announced a restructuring of the company. At the time, Walters was named to oversee the Wealth Management division, formerly called Hartford Life. Juan Andrade, former head of The Hartford's property-casualty business, was named to head the new Commercial Markets division. The company is still looking for an executive to head its new Consumer Markets division.

Levenson headed the development of the company's mutual fund operations and ran the business of retirement plans before heading up retail products. In 2005, he became managing director of sales and marketing for Hartford Investment Management Co., or HIMCO.

"Dave has a proven track record of building and managing several successful businesses at The Hartford, including launching the company's mutual funds operations and revitalizing the retirement plans business," McGee said.

"[Walters] managed the wealth management businesses during a period of significant growth, led Hartford Life during a particularly challenging period, and played a strong role in the development of the company's strategy," said McGee.

Between 2006 and 2009, Levenson was with Hartford Life Insurance K.K., the company's Japan subsidiary. He started there as head of product and distribution, then became president and CEO. He came back from Japan last summer to become executive vice president of the company's "in-force domestic" variable annuity business -- which suffered dramatically during the recession -- and its international and institutional business segments.

Walters came to The Hartford in 2000 from First Union Securities. He became president of The Hartford's U.S. Wealth Management division in 2006, and in 2008 became president and chief operating officer of Hartford Life, which sells life insurance, 529 education savings plans, annuities, mutual funds and retirement plans.

To see more of The Hartford Courant, or to subscribe to the newspaper, go to http://www.courant.com/.

Copyright (c) 2010, The Hartford Courant, Conn.

Distributed by McClatchy-Tribune Information Services.

For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com, e-mail [email protected], or call 866-280-5210 (outside the United States, call +1 312-222-4544)