The Hartford

New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.

Activist investors are successfully learning how to navigate a regulated industry.

Chubb discipline, Hartford reluctance and investor lassitude combine to impede a transaction.

The Chubb CEO seeks to quash speculation the carrier may return with a sweetened takeover proposal.

The senior underwriter joins the carrier from Chubb.

The carrier provided optimistic projections on margins and growth, expanded buyback authorization and gave details about two more bids from Chubb.

The CEO also says M&A remains a “low priority” for the carrier and that he doesn’t see any further outsized liability exposures in the portfolio after settling with BSA.

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.

Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.

The deal will inflict a $225mn reserve charge on The Hartford for Q1.

The next few years could prove to be more active in consolidation than normal for underwriters.