Hartford to Acquire Navigators for $2.1B in Cash
The Navigators Group announced that it has entered into a definitive agreement to be acquired by Hartford in an all-cash transaction that values Navigators at approximately $2.1b . The transaction, which is set to close in the first half 0f 2019, is subject to regulatory and stockholder approvals and other customary closing conditions.
“This transaction will result in the realization of significant value for our stockholders. It is a testament to the caliber and dedication of our people and the strength of our underwriting culture. We look forward to bringing Navigators’ specialty lines capabilities to The Hartford, an organization that shares our commitment to underwriting excellence, attracting and retaining top talent, and delivering exceptional customer experiences. Joining The Hartford and leveraging the strength of its balance sheet and quality of its core commercial insurance products, we will create exciting opportunities to deliver enhanced value to our brokers and policyholders.” – President and CEO of The Navigators Group, Stanley A. Galanski.
“We are excited to announce the acquisition of Navigators, which we are confident will achieve key strategic and financial objectives for The Hartford. It expands our product offerings and geographic reach, and adds tenured and proven underwriting and industry talent while strengthening our value proposition to agents and customers. We are optimistic about our combined growth opportunities and expect the acquisition to generate attractive returns.” – Chairman and CEO of The Hartford, Christopher Swift.
The agreement includes a “go-shop” provision designed to afford an opportunity for other potential acquirers to determine whether they are interested in proposing to acquire Navigators. Accordingly, for 30 days Navigators will have an opportunity to solicit competing acquisition proposals. If the Board of Directors accepts a competing proposal during the “go-shop” period that The Hartford does not match, the successful competing bidder would pay a termination fee to The Hartford.
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