March 21, 2021

23bn

Greenberg’s Chubb makes $23bn takeover approach to insurance rival Hartford

Chubb, the largest US non-life insurer by market capitalisation, has approached rival Hartford Financial Services Group with an unsolicited $23.2bn takeover offer, in what could be the first mega-deal in an industry battered by losses stemming from the coronavirus pandemic.

The company led by Evan Greenberg said it had offered $65 per share to buy Hartford, a 13 per cent premium on the Connecticut-based group’s closing share price on Wednesday before news of a potential approach emerged on Thursday. The offer was mostly cash and some stock, said Chubb, without providing exact details.

Hartford said its board of directors was

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