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.
Chubb Ltd., the global insurer led by Evan Greenberg, is exploring an acquisition of Hartford Financial Services Group Inc. in what could be one of the industry’s biggest deals in years, people familiar with the matter said.
The New York-listed insurer has made a preliminary takeover approach for Hartford, said the people, who asked not to be identified because the discussions are private. Deliberations are at an early stage and may not lead to a transaction, they said.
A representative for Hartford wasn’t able to immediately comment. A representative for Chubb couldn’t be immediately reached for comment.
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