NU Online News Service, March 12, 12:49 p.m.EST

Hedge fund titan John Paulson tried on Friday to enlistsecurities analysts in his effort to force Hartford Insurance Groupto separate its property and casualty businesses from thelesser-performing life businesses.

In talks with analysts and in a securities filing with the SEC,Paulson said the Hartford was a “dominant commercial [property andcasualty] franchise.”

In his conference call with analysts and in his SEC filing,Paulson said the Hartford P&C operation “served high-marginsmall businesses,” that it had a strong consumer affinity businessthrough its relationship with AARP, and that it had strongmanagement led by CEO Doug Elliot.

But, Paulson said, all of that is “buried within HartfordFinancial Services.”

Paulson's Paulson & Co. owns 8 percent of the Hartford.

He said on the conference call that there is “no excuse” for theHartford CEO Liam McGee for waiting to execute the breakup.

He said the Hartford should announce its intention to split thetwo main businesses in a transaction that may take a year and ahalf to complete.

He said while only three of 19 P&C analysts coverHartford,18 cover Travelers, 18 cover Chubb and 17 cover ACE.

He said theHartfordis viewed as a life company, and is coveredby life analysts.

Paulson unveiled his campaign in February, when he proposed thatMcGee should consider a split to boost the stock.

According to Keefe, Bruyette and Woods, the Hartford is thethird-worst performer in its 24-stock insurance index.

The Hartford has struggled to recover from the 2008 downturn,which forced it to take federal funds through the Troubled AssetRelief Program. McGee repaid the government funds in March2010.

The Hartford responded by issuing the same statement that itissued Feb. 14, when Paulson first unveiled his push for asplit.

The statement says, “We recognize there are potential benefitsto a separation of the P&C and life companies, including thoseoutlined by Paulson & Co. Inc.”

The statement adds, “While there are challenges to successfullyexecuting a separation, we welcome Paulson's views and look forwardto continued dialogue with him and other shareholders. We areevaluating the company's strategy and business portfolio with thegoal of delivering shareholder value. We remain objective andpragmatic about the best ways to achieve this goal.”