Hartford Mulls Potential $23B Merger With Chubb
Chubb Limited is offering to buy The Hartford Financial Services Group Inc. for about US$23 billion.
Chubb and Hartford each own property and casualty commercial insurers in Canada.
Chubb is based in Zurich, Switzerland, while Hartford is based in the U.S. state of Connecticut.
Hartford said Thursday it ‘is carefully considering the proposal with the assistance of its financial and legal advisors.’ The proposed deal is non-binding and unsolicited.
Hartford’s Canadian branch office is in Newmarket, Ont., about 50 kilometres north of downtown Toronto.
In 2019, Hartford reported net premiums written in Canada of $10.5 million in property and $6.5 million in liability, according to the 2020 Canadian Underwriter Statistical Guide. In Canada, Hartford also writes auto, boiler and machinery, fidelity, and surety.