Hartford Financial‘s president and COO, Thomas Marra, is planning to retire, reports Diane Levick in the Hartford Courant. Marra was instrumental in building the firm’s business in variable annuities, but the current stock market slump has hurt insurance companies, such as Hartford, that heavily rely on those products. Hartford is now taking heavy losses from the guaranteed minimum income benefits attached to those variable annuities, which they are still liable for.
Marra will step down in July, with no replacement in sight. He filled these positions for two years, and spent a total of 29 years with the company.