Krosby Resigns as Hartford Investment Strategist (Update2)
By Eric Martin
June 10, 2009
June 10 (Bloomberg) -- Quincy Krosby, the chief investment strategist at Hartford Financial Services Group Inc., stepped down after a series of departures from the insurance company.
"I just resigned," Krosby said in an e-mailed statement. "In a couple of days I will resurface." Krosby left to pursue another opportunity, according to David Potter, a spokesman for the Hartford, Connecticut-based company.
The departure comes a week after Ramani Ayer said he will leave as chief executive officer following a $2.7 billion loss in 2008. Thomas Marra, who was named president in 2007, resigned in February, and David Znamierowski left as chief investment officer in October.
The 199-year-old insurer posted about $12.4 billion in writedowns and credit losses linked to the subprime collapse since the beginning of 2007, second among insurers to American International Group Inc., which received four U.S. bailouts.
Hartford said in November it was cutting 500 jobs, or almost 2 percent of the staff. The dismissals, in locations across the U.S., are part of a plan to save $250 million annually by the end of 2009, spokeswoman Debora Raymond said.
Krosby recommended investing in municipal bonds, inflation- protected Treasury securities and stocks in a March 30 interview with Bloomberg Television. The Standard & Poor’s 500 Index had gained 16 percent from a 12-year low reached March 9 at the time of the interview, and has climbed 19 percent since.
"We do believe that we will get through this," Krosby said of the first global recession since World War II. "The data will come in and it will get less bad."
Krosby was hired in June 2004. The company said her job was mainly "speaking to the brokerage community, financial advisers and institutional investors about macroeconomic and geopolitical trends and how they impact capital markets," according to a statement. She reported to Znamierowski.
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