Chubb disappointed Hartford did not respond to proposals – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Chubb disappointed Hartford did not respond to proposals

No engagement: Chubb, which has offices on Woodbourne Avenue, said it was disappointed that insurer The Hartford had not responded to any of its proposals (File photograph)

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.”

You must be Registered or to post comment or to vote.

Published April 22, 2021 at 1:33 pm (Updated April 22, 2021 at 1:33 pm)

Chubb disappointed Hartford did not respond to proposals

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon