Stamford global specialty underwriter The Navigators Group Inc. says its shareholders have approved a $2.1 billion cash buyout from property and casualty insurer The Hartford.
Navigators’ shareholders greenlit the deal, announced in August, at a special meeting Friday. The deal is subject to closing conditions and other regulatory approvals, and is on pace to close during the first half of 2019.
The Hartford is acquiring Navigators Group for $70 a share, or $2.1 billion in cash.
As previously reported, Navigators will become a subsidiary of The Hartford and its 800-plus employees will join the insurer after closing.
Navigators, known for its presence in the global marine, construction and energy industries, operates in several business segments including U.S. and international insurance, global reinsurance, and is expanding its underwriting operations in Europe, Asia and Latin America.
The Hartford has said it expects the acquisition to add profits of $30 million to $75 million by 2020.
