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

Shares of Hartford Financial Services Group Inc. /zigman2/quotes/207281914/composite HIG -0.06% 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 -0.08% 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 -0.31% has hiked up 75.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% has gained 76.1%.

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Hartford Financial Services Group Inc.

US : U.S.: NYSE

$ 66.74

-0.04 -0.06%

Volume: 330,715

March 28, 2023 2:09p

P/E Ratio

12.23

Dividend Yield

2.55%

Market Cap

$20.91 billion

Rev. per Employee

$1.19M

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Chubb Ltd.

US : U.S.: NYSE

$ 188.76

-0.16 -0.08%

Volume: 632,377

March 28, 2023 2:09p

P/E Ratio

15.06

Dividend Yield

1.76%

Market Cap

$78.12 billion

Rev. per Employee

$1.27M

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SPDR S&P Insurance ETF

US : U.S.: NYSE Arca

$ 38.15

-0.12 -0.31%

Volume: 317,749

March 28, 2023 2:09p

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S&P 500 Index

US : S&P US

3,956.20

-21.33 -0.54%

Volume: 0.00

March 28, 2023 2:09p