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March 23, 2021, 8:43 a.m. EDT

Hartford Financial rejects Chubb's hostile buyout bid, stock falls

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By Tomi Kilgore

Shares of Hartford Financial Services Group Inc. /zigman2/quotes/207281914/composite HIG +1.82% dropped 1.1% in premarket trading Tuesday, after the property and casualty insurer said it has rejected Chubb Ltd.'s /zigman2/quotes/209397502/composite CB +2.03% unsolicited buyout bid. Chubb's stock rose 1.3% ahead of the open. Hartford's stock had soared 18.7% to a 13-year high on March 18 after the company said it received a bid from Chubb that valued Hartford's stock at $65 each, which would imply a $23.24 billion market capitalization for Hartford. On Tuesday, Hartford said entering into a discussion with Chubb regarding a merger "would not be in the best interest of the company and its shareholders." Hartford's has rallied 119.1% over the past 12 months through Monday and Chubb shares have run up 66.7%, while the SPDR S&P Insurance ETF /zigman2/quotes/205505650/composite KIE +1.18% has hiked up 75.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.28% has gained 76.1%.

/zigman2/quotes/207281914/composite
US : U.S.: NYSE
$ 70.58
+1.26 +1.82%
Volume: 2.87M
Jan. 24, 2022 4:04p
P/E Ratio
11.74
Dividend Yield
2.18%
Market Cap
$23.59 billion
Rev. per Employee
$1.18M
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/zigman2/quotes/209397502/composite
US : U.S.: NYSE
$ 195.90
+3.89 +2.03%
Volume: 2.17M
Jan. 24, 2022 4:00p
P/E Ratio
9.97
Dividend Yield
1.63%
Market Cap
$82.71 billion
Rev. per Employee
$1.30M
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/zigman2/quotes/205505650/composite
US : U.S.: NYSE Arca
$ 39.59
+0.46 +1.18%
Volume: 1.73M
Jan. 24, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,410.13
+12.19 +0.28%
Volume: 3.89B
Jan. 24, 2022 5:04p
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