The Hartford names Prateek Chhabra as new chief risk officer

HARTFORD - The Hartford (NYSE:HIG) announced Wednesday the promotion of Prateek Chhabra to chief risk officer, effective September 1, 2025. Chhabra will succeed Robert Paiano, who will retire at the end of the year after 29 years with the company. The announcement comes as The Hartford maintains strong financial performance, with an 18% total return over the past year and revenue growth of 7.5% in the last twelve months.

Chhabra, who has served as senior vice president and chief insurance risk officer since 2018, will report directly to Chairman and CEO Christopher Swift. Before joining The Hartford, Chhabra was chief risk officer for domestic businesses at The Hanover Insurance Group and held risk and strategy consulting positions at firms including McKinsey and Company, Aon and Verisk. According to InvestingPro data, The Hartford maintains excellent financial health with a GREAT overall score, supported by strong profitability metrics and solid cash flow management.

Paiano, who has been with The Hartford since 1996 and has served as chief risk officer since 2017, will transition to an advisory role on September 1 to ensure a smooth leadership change. His financial services career spans 40 years, including a previous position as the company’s treasurer.

"Prateek is an accomplished risk manager with deep knowledge of the insurance industry," said Swift in a company press release.

The Hartford, founded more than 200 years ago, is a provider of property and casualty insurance, employee benefits, and mutual funds. The company is headquartered in Hartford, Connecticut. With a market capitalization of $34 billion, the company has maintained dividend payments for 30 consecutive years and currently offers a 1.74% dividend yield. Based on InvestingPro’s Fair Value analysis, the stock is currently trading near its fair value, with 8 additional ProTips available for subscribers.

The leadership change comes as part of the company’s succession planning process, according to the announcement. Investors can access comprehensive analysis and detailed metrics about The Hartford’s performance through the Pro Research Report, available exclusively on InvestingPro, along with expert insights and advanced financial metrics for over 1,400 US stocks.

In other recent news, Hartford Financial Services Group reported its first-quarter 2025 earnings, revealing a slight miss on earnings per share (EPS) compared to forecasts, but surpassing revenue expectations. The company’s EPS was $2.20, slightly below the forecast of $2.23, while revenue reached $6.81 billion, exceeding the anticipated $6.66 billion. Despite the mixed earnings report, the company maintains a positive outlook for the remainder of the year, expecting higher net investment income compared to 2024. Analysts from firms such as Raymond James and UBS have shown interest in Hartford’s strategic initiatives, particularly in the areas of technology and AI. The firm continues to invest in digital capabilities and data integration, which are expected to drive future growth. Hartford’s business insurance segment demonstrated strong performance, with a 10% growth in written premiums and a robust underlying combined ratio. The company is also focused on achieving target profitability in its personal auto segment by mid-2025, indicating a strategic pivot towards growth in personal lines. These developments reflect Hartford’s resilience and adaptability in a dynamic market environment.

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