Chubb Ltd said it is disappointed that US-based The Hartford Financial Services Group Inc had not engaged in any of its proposals to bring the two companies together.

Last month insurer Chubb, which has offices around the world, including on Woodbourne Avenue, Hamilton, had proposed a $23 billion takeover.

However, The Hartford said that entering into talks was not in the best interest of its investors.

In a statement released today, Chubb said: “We have believed that a consolidation of our two organisations, on terms that recognised The Hartford's fair value, would be financially and strategically compelling for both sets of shareholders.

“Nonetheless, The Hartford has chosen not to engage in response to any of our proposals.

“The path to a transaction would have been engagement coming from The Hartford on the terms of our last proposal.”

Chubb added: “Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquirer.

“Chubb is well positioned. Our organisation has been and remains totally focused, capitalising on excellent P&C market conditions and executing our longer-term operating strategies.”