Hartford Financial Services Group Inc. Chairman, President and CEO Liam E. McGee is either one shrewd dude, or maybe he's in need of a bit of investment advice.
Either way, with some of The Stag's biggest investors breathing down his neck to carve it into venison roasts, McGee has just sunk more of his personal wealth into the Hartford property-casualty insurer/wealth manager, a regulatory filing shows.
According to a mandated filing with the Securities and Exchange Commission in which he publicly declared his intentions, McGee followed through last Friday, buying 25,088 shares of common at $19.084 each -- setting him back about $502,000.
That brings his total personal stock holdings in The Hartford to about 206,606 shares, according to his Form 4 filing. At Wednesday morning's stock price of $19.40, the value of his personal Hartford stock portfolio is roughly $4.1 million.
And, that doesn't include another 245,000 or so shares of common to which indirectly owns or is entitled through stock options and restricted-stock awards over the next nine years, the filing shows.
All total, his personal and compensation holdings are barely a dent in The Hartford's total common outstanding, but that much skin in the game could count for something the next time John Paulson and other big investors squawk about McGee's strategy for maximizing shareholder value.
The Hartford said McGee was unavailable Wednesday for comment, but the insurer, through a spokesman, said his latest investment "demonstrates his confidence in the company.''