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22 ¦ MARCH 22, 2021 NEWS
Mega Deal: Chubb Explores $22 Billion
Acquisition of The Hartford
By Ed Hammond
(Bloomberg) — Chubb Ltd., the
global insurer led by Evan Green-
berg, is exploring an acquisition
of The 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 ap-
proach for The Hartford, said the
people, who asked not to be iden-
tified because the discussions are
private. Deliberations are at an early
stage and may not lead to a transac-
tion, they said.
A representative for The Hart-
ford wasn’t able to comment
immediately. A representative for
Chubb couldn’t be immediately Chubb made a preliminary takeover approach for The Hartford, said
reached for comment. people with knowledge of the matter. Photo: Shutterstock
Shares of The Hartford have more than doubled calls itself the world’s largest publicly traded prop-
over the past year, giving it a market capitalization of erty and casualty insurer, with operations in 54
about $23 billion as of Thursday, March 18. countries and more than 30,000 employees, accord-
ing to its website.
The Hartford, led by CEO Chris Swift, traces its
Chubb’s transformation
Greenberg, 66, built the business into a mammoth roots back more than 200 years. It offers a range
insurer by combining Ace Ltd., the company he ran, of property and casualty insurance, including au-
with Chubb Corp. in a nearly $30 billion deal in tomobile policies, homeowners’ coverage and
2016. As the son of former American International small-business insurance. Last month, The Hartford
Group Inc. CEO Maurice “Hank” Greenberg, he has reported that fourth-quarter core earnings rose 22%
transformed Chubb into a firm with huge footholds to $636 million, beating estimates.
in personal and commercial lines. The company The Connecticut-based company ranks as the
second-biggest provider of workers’ compensation
insurance in the U.S., according to AM Best. It also
Visit has a mutual fund arm with about $139 billion un-
der management, its website shows.
ctlawtribune.com ¦
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