In one of the largest acquisitions in recent history within the financial industry, Chubb has offered to purchased the Connecticut based insurer for $23.24 billion.
The Hartford Financial Services Group Inc is a top insurer, offering policies in property and casualty insurance, homeowners’ coverage and small-business insurance. The move would help improve Chubb’s overall appeal to a greater audience, especially it’s small business insurance.
Chubb is an international player, with offices in 54 countries, offer 30,000 employees and $41 billion of gross written premiums.
The move follows a series of mergers and acquisitions, including Metlife’s US purchase by Zurich and Farmers, Allstate Corp purchase of National General Holdings Corp and Axa SA purchase of XL Group Ltd.
Read CNBC’s reporting on the offer here https://www.cnbc.com/2021/03/19/insurer-chubb-offers-to-acquire-rival-hartford-for-23point24-billion.html