Property and casualty insurer The Hartford, which employs thousands of people in the city, said Tuesday morning that it has rejected an unsolicited takeover bid by global competitor Chubb Ltd.
In a statement, The Hartford said its board of directors and advisors “unanimously rejected Chubb Limited’s March 11, 2021, unsolicited proposal to acquire The Hartford and determined that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.”
Last week, Zurich, Switzerland-based Chubb confirmed its pursuit of The Hartford. It said its proposal would value the company at $65 per share, but it made clear that no agreement has been reached, and “there can be no assurance any transaction will result from these discussions.”
Bloomberg News first reported the possible deal and said talks were in an early stage, according to a source familiar with the situation.
Chubb is a global insurer that has its North American headquarters in New Jersey. It’s led by Evan Greenberg, son of former AIG CEO Hank Greenberg, a well-known name in the insurance industry.
The Hartford is one of Greater Hartford’s largest employers with 6,500 workers in the state as of March 2020, according to Hartford Business Journal’s Book of Lists. The Hartford is also one of the region’s most active corporate citizens including CEO Chris Swift who recently helped lead a fundraising campaign for the Boys and Girls Club’s new recreation center now under construction in Hartford.
