The sale wouldn't significantly boost returns for shareholders because more than half the proceeds would be used to pay down debt and taxes, while ratings companies would require the remaining company to bolster its capital, he said.

Paulson's interest in Hartford "doesn't really change anything," Joshua Schachter, who helps manage about $3 billion at Snow Capital Management LP in Sewickley, Pennsylvania, and owns Hartford shares, said in a telephone interview. "At this point in Hartford's position, I don't think splitting the company up is the best thing long term for the shareholders."

 

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