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April 22, 2021, 9:49 a.m. EDT

Chubb 'disappointed' that Hartford decided not to respond to unsolicited buyout proposals

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By Tomi Kilgore

Chubb Ltd. /zigman2/quotes/209397502/composite CB +1.82% issued a statement Thursday regarding the unsolicited buyout proposal it made to insurer Hartford Financial Services Group Inc. /zigman2/quotes/207281914/composite HIG -0.36% , saying it was "disappointed" that Hartford has not responded to any proposals. Hartford's stock slipped 1.0% in morning trading while Chubb's stock gained 1.1%. On March 18, Hartford shares had soared 19% after Chubb confirmed it submitted a buyout bid of $65 a share, which valued Hartford at about $23.2 billion. Hartford said in a letter dated March 31, Chubb said it was prepared to bid "in excess of $67 a share" if Hartford would engage in "meaningful discussion and due diligence." Hartford said Thursday that it has rejected both proposals, and determined that "entering discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders." In response, Chubb stated: Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror." Hartford's stock has rallied 36.4% year to date and Chubb shares have gained 8.4%, while the SPDR S&P Insurance ETF /zigman2/quotes/205505650/composite KIE +0.70% has climbed 14.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has advanced 10.8%.

/zigman2/quotes/209397502/composite
US : U.S.: NYSE
$ 176.39
+3.15 +1.82%
Volume: 3.03M
May 7, 2021 4:00p
P/E Ratio
14.33
Dividend Yield
1.77%
Market Cap
$79.32 billion
Rev. per Employee
$1.16M
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/zigman2/quotes/207281914/composite
US : U.S.: NYSE
$ 66.65
-0.24 -0.36%
Volume: 3.31M
May 7, 2021 4:02p
P/E Ratio
14.21
Dividend Yield
2.10%
Market Cap
$23.81 billion
Rev. per Employee
$1.11M
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/zigman2/quotes/205505650/composite
US : U.S.: NYSE Arca
$ 40.33
+0.28 +0.70%
Volume: 976,738
May 7, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p
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