The Hartford
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Chubb reiterates its disappointment about The Hartford’s refusal to engage. -
Rate increases remained strong in the quarter, but slowed from the end of last year.
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Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.
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The deal will inflict a $225mn reserve charge on The Hartford for Q1.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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Greenberg is presumably 50 steps ahead, and The Hartford’s response last week was likely not a surprise.
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The one-time suitor releases a statement after a report that Allianz is contemplating an offer of its own.
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The rejection was inevitable although the emphatic nature of it hints at a real determination to remain independent.
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The target says its board is committed to its existing business plan following the unsolicited proposal.
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Chubb yesterday said the proposed transaction structure would be a mix of stock with the majority in cash.
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The Evan Greenberg-led carrier confirmed last night it had made an offer to buy its smaller peer.
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The $65 per share bid looks like an opening salvo, with potentially another $10+ per share to come.
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