Hartford COO to step down

Thomas M. Marra, chief operating officer of The Hartford (Conn.) Financial Services Group Inc., will retire from his post July 3. He has also stepped down as a member of the insurer’s board of directors, effective immediately. Mr. Marra joined The Hartford as an associate actuary in 1980. During his tenure, he has also held posts as the president of Hartford Life Inc. of Simsbury, Conn., and the chief operating officer of Hartford Life. The Hartford Financial Services Group’s chairman and CEO, Ramani Ayer, will take on Mr. Marra’s duties, overseeing both the property/casualty and life operations. Mr. Marra’s departure comes at a particularly rocky time for the insurer, which posted a $2.75 billion loss in 2008, compared with a $2.95 billion profit the previous year. The company also received relaxed reserves-accounting treatment from the Connecticut Department of Insurance and was granted $987 million in additional statutory surplus and capital. Hartford’s share price plummeted upon news of Mr. Marra’s departure yesterday morning, falling 12.11% to end the day at $7.04. The company’s shares have tumbled by more than 90% over the past year.