The former leader of The
Hartford insurance company passed away Friday at the age of 60.
Liam McGee, who led the Hartford from October 2009 through July 1, died after receiving treatment for brain cancer. A tumor was removed last January, and McGee had been receiving low-dose chemotherapy. He had recently moved to Southern California.
He disclosed his illness publicly in January 2013, and remained chairman until January 5.
McGee is remembered for leading The Hartford through the difficult financial terrain of the financial crisis and for investing in poverty-stricken neighborhoods around Hartford.
When McGee arrived at The Hartford, the company’s stock had fallen to $3.62 after reaching a peak of $106 in May 2007. The company had lost large sums on investments during the 2008 crisis and suffered downgrades on its financial health ratings.
He helped repay the $3.4 billion in federal stimulus money The Hartford received within six months on the job. He also directed the company to focus more heavily on property-casualty, group benefits and mutual funds.
“Liam was a man of commitment, integrity and compassion, and we were fortunate to have him join The Hartford during a challenging time in the company’s history,” said Thomas Renyi, presiding director of The Hartford. “Liam made the touch decisions necessary to guide the company through this period, with an unwavering focus on what was best for our company, our customers, our employees, our shareholders and our community.”
Connecticut Gov. Daniel P. Malloy praised McGee for the $7 million The Hartford dedicated to rebuilding homes and other services in the city’s Asylum Hill neighborhood. Most famously, the company committed $2 million to helping Hartford buy the vacant Capitol West building and demolish it in 2012.
The building was known as a major eyesore in the area.
“Liam set two missions when he came here, saving a great American company and improving the city in which it is headquartered,” Malloy said. “He accomplished both.”
The Hartford announced McGee’s death Monday and posted a tribute page for employees of the company to share their memories.
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