The Hartford Rejects Chubb’s $23.2 Billion Buyout Offer
Hartford Financial Services Inc. has rejected a $23.24 billion takeover offer from larger rival Chubb Ltd. derailing what would have been the largest deal in the property/casualty insurance sector since 2016. Hartford in a short statement said its board, after consultation with its financial and legal advisers, had determined that entering into talks about a deal would not be in the best interests of the company and its shareholders.
Analysts called The Hartford’s small-business insurance franchise the main draw for Chubb; it focuses on coverage for workers’ compensation, management and professional liability, and other specialized areas, including flood and political risk.
Founded in 1810, The Hartford insured the only home Abraham Lincoln ever owned. Chubb traces its roots to 1882 when Thomas Caldecot Chubb and his son Percy opened their marine underwriting business in New York City.