The Hartford rejects proposal from Chubb

On March 11, property and casualty insurer Chubb offered to acquire The Hartford for $23.24 billion. Today, Hartford announced that its board of directors, after consultation with its financial and legal advisors, has rejected Chubb’s “unsolicited proposal” to acquire The Hartford and determined that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.

Goldman Sachs & Co. LLC and Deutsche Bank are acting as The Hartford’s financial advisors. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to The Hartford.