By Ashish Tiwari

July 16 - (The Insurer) – U.S. insurer The Hartford said on Tuesday it has promoted Prateek Chhabra to chief risk officer, effective September 1, as veteran executive Robert Paiano prepares to retire after nearly three decades with the company.

Currently, senior vice president and chief insurance risk officer, Chhabra will report to The Hartford chairman and CEO Christopher Swift.

He succeeds Paiano, who served as CRO since 2017 and will be associated with the company as an advisor before retiring at year-end.

Before joining The Hartford in 2018, Chhabra had held senior roles at The Hanover Insurance Group and worked in consulting at McKinsey, Aon and Verisk’s AIR Worldwide.

Paiano’s 40-year financial services career included serving as treasurer of The Hartford before taking over the CRO role. His tenure was marked by a "data-driven approach" to managing risk and capital, Swift said.