The Hartford
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Under the ‘go shop’ provision, which expires at midnight, Navigators had 30 days in which to explore bids from alternative suitors.
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Jared Kotler joins the carrier from Validus to head up the division.
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The $2.1bn cash purchase will add risk to The Hartford’s operations, Moody’s said. -
The deal represents the fifth large transaction from an established player to buy a specialty player in the last two years.
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The Hartford holding company leverage and coverage metrics will remain within guidelines, the ratings agency noted.
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On the face of it the Hartford-Navigators deal is neat. There is no overlap to speak of.
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The acquirer projected double-digit returns from the $2.1bn deal, prompting scepticism.
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The shares finished just short of the offer price.
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On a conference call today The Hartford CEO Chris Swift gave no further detail on what role the Navigators CEO would take at the enlarged company.
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A full valuation for a perennial takeout candidate.
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The “highly complementary” deal also adds reinsurance and excess and surplus lines capabilities and widens the buyer's geographical reach.
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The deal includes a provision for the target to seek competing bids over a 30-day period.
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