Chubb Limited announced it has presented The Hartford with a proposal for a combination of the two companies that it believes “would be strategically and financially compelling for both sets of shareholders and other constituencies.”
In a news release, The Hartford said its Board of Directors is carefully considering the proposal with the assistance of its financial and legal advisers.
The Hartford provides property and casualty insurance, group benefits and mutual funds. Chubb says it provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Neither firm commented on the acquisition of the Hartford Funds division.
Chubb said it has not yet received a response to its proposal but it is “looking forward to constructive, private discussions in order to expeditiously consummate a fair transaction that benefits all of our respective stakeholders.” It adds that “there can be no assurance any transaction will result from these discussions.”