Hartford Financial Services Group Inc., the struggling insurer that received $3.4 billion in government aid, is expected to name Liam McGee, a former head of consumer banking at Bank of America Corp., as its new chief executive.

McGee, once considered a candidate to head Bank of America, takes over a 199-year-old firm that has been hit hard due to its sales of variable annuities, tax-advantaged mutual fund products that have caused Hartford and its investors great pain during the financial crisis.

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