Chubb

The Hartford rejects Chubb approach and says no to discussions

The board of The Hartford has unanimously rejected Chubb’s $65 a share unsolicited proposal for the US insurer and determined that entering into discussions over a strategic transaction would “not be in the best interests of the company and its shareholders”.

Chubb falls 5% as investors continue to digest Hartford bid

The share price of Chubb fell over 5 percent in trading Friday as investors and analysts continued to react to its bid to acquire The Hartford, with Moody’s also highlighting the benefits and risks of the proposed deal.

Wells Fargo: Chubb’s initial $65 a share bid for The Hartford falls short

The confirmed $65 a share preliminary offer from Chubb to buy The Hartford is equivalent to just 1.44x tangible book value, well below the price of $80+ per share or 1.8x tangible book value the US insurer would be expected to fetch, according to Wells Fargo analysts.

Low bid from Chubb puts The Hartford firmly in play

At just 1.44x estimated tangible book value, Chubb’s preliminary offer of $65 a share for The Hartford looks to be little more than an opening gambit and puts its smaller rival firmly in play for counter bids.

Chubb confirms $65 a share approach for The Hartford

Chubb has confirmed it has submitted a preliminary stock and cash offer equal to $65 per share to acquire The Hartford in a deal which values its target at $23.24bn.

The Hartford’s $3.7bn small commercial book seen as big draw for Chubb

The Hartford’s book of small commercial business is being viewed as a likely attraction for Chubb and other potential suitors as comparisons are being made with recent P&C platform sales that have fetched multiples of 1.8x book value or more.

Hartford confirms receipt of “unsolicited&quote; and &quote;non-binding” proposal from Chubb

Hartford confirms receipt of “unsolicited" and "non-binding” proposal from Chubb

The Hartford has confirmed it has received an unsolicited and non-binding acquisition proposal from Chubb.

Reports of Chubb interest send The Hartford’s shares up 12%

Shares in The Hartford were trading up 12 percent at lunchtime in New York on reports that the US insurer is the subject of M&A interest from its larger rival Chubb.

The Hartford hires Chubb’s Dolce as PL and cyber head

Cyber claims specialist Tony Dolce has joined The Hartford with the long-serving Chubb executive set to lead the professional liability and cyber underwriting units.

Philadelphia Eagles and LA Lakers latest US teams to sue over Covid coverage

NFL team the Philadelphia Eagles has sued FM Global for business interruption losses resulting from Covid-19 over a policy with $1bn in coverage while the owner of the LA Lakers has sued Chubb, making it the second NBA team in a week to sue an insurer over coverage from the pandemic.

Chubb names Kelaher country president for Australia and New Zealand

Chubb has promoted regional P&C head Peter Kelaher to country president for Australia and New Zealand.

Chubb launches digital-only Blink with initial cyber offering

Chubb is targeting first time or “digitally-savvy” insurance buyers with a newly launched product that will initially offer a personal cyber protection that has been rolled out across 25 states.

NJ Performing Arts Center sues Chubb for Covid-19 BI losses

The New Jersey Performing Arts Center (NJPAC) has sued Chubb over business interruption (BI) losses from Covid-19 under a policy that provides a loss limit of $284mn and which the lawsuit alleges does not contain a virus exclusion.

CEOs confident US rates will continue to outpace loss costs

An analysis of US commercial insurance feedback provided by management in earnings releases and on investor calls reveals rate increases continue to accelerate for most, with pricing drivers such as social inflation and the low interest environment expected to persist throughout 2021.

Chubb sues NY luxury hotel operator over Covid BI claims

Chubb has filed a countersuit against the owner of the Bowery Hotel and the Jane Hotel in New York, in a bid to get the court to declare that the insurer’s $152mn policy does not cover pandemic-related losses.

Aon and Chubb partner on digital platform for SMEs in France

Aon and Chubb have partnered to launch a digital platform in France that will help SMEs understand coverage options and buy insurance online.

Chubb names Parmar and Crosby to co-lead ceded reinsurance business

Chubb has promoted Sunil Parmar and Alexander Crosby to co-lead its ceded reinsurance business as joint vice president and senior reinsurance officer of Chubb Overseas General (COG).

Judge dismisses Target lawsuit seeking data breach coverage from Chubb

A US district court judge has granted summary judgement to Chubb in a case brought by US retail giant Target that sought tens of millions of dollars of coverage related to a 2013 data breach.

Chubb launches new London energy team under Brown

Chubb has launched a new London-based energy team within Chubb Global Markets (CGM) led by Andrew Brown as head of energy.

Chubb shuffles financial lines leadership after Sherman named ESIS president

Chubb has appointed Leigh Anne Sherman division president of its third-party administrator subsidiary ESIS, with Michael Mollica taking her previous role of executive vice president of private/not-for-profit management liability within the North America financial lines business.

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