After three failed bids, Swiss insurer Chubb Ltd. says it’s no longer interested in buying The Hartford.
According to a report from Bloomberg, Chubb CEO Evan Greenberg said during a conference call Wednesday that the company’s “chapter” involving The Hartford is “closed.”
“We have moved along,” Greenberg reportedly said.
Chubb submitted three bids in an attempt to acquire The Hartford, and each was rejected by that company’s board.
Chubb initially valued The Hartford at $65 per share, or $23 billion. Two subsequent offers increased that amount to $67 per share and later $70 per share, according to disclosures by The Hartford.
Numerous figures in the insurance industry and even Gov. Ned Lamont had predicted that the first rejected offer, made in March, was only the beginning of what would likely be a longer, more drawn out negotiation between the two firms.
