KUALA LUMPUR, Aug 24 (Bernama) – The Hartford has signed a definitive agreement to acquire all outstanding common shares of The Navigators Group Inc – a global specialty underwriter, for US$70 (RM287) a share or US$2.1 billion (RM8.61 billion) in cash. (1US$ = RM4.10).
Headquartered in Hartford, Connecticut, U.S , The Hartford is a leader in property and casualty insurance, group benefits and mutual funds.
The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders and other customary closing conditions, including regulatory approvals. It is expected to close in the first half of 2019.
Founded in 1974, Navigators is recognized as a market leader in the global marine, construction and energy industries, as well as in U.S. excess casualty and surplus lines.
In addition to an established presence at Lloyd’s, the company also has growing underwriting operations in Europe, Asia and Latin America, a statement said.
The Hartford’s President, Doug Elliot said: “This transaction combines two organizations with disciplined underwriting cultures and a shared commitment to innovation, financial performance and attracting and retaining top talent.
He said the company will leverage a more complete product and service offering through a best-in-class distribution network enabled by their combined underwriting, claim capabilities and risk engineering and enhanced by The Hartford’s strong brand.
Navigators President and Chief Executive Officer, Stanley A. Galanski said: “By 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.”
Citigroup Global Markets Inc acted as lead financial advisor to The Hartford, with Deutsche Bank Securities Inc also providing financial advice. Mayer Brown provided legal counsel to The Hartford. More details at https://www.thehartford.com
-- BERNAMA
-- BERNAMA
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