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The one-time suitor releases a statement after a report that Allianz is contemplating an offer of its own. -
The German carrier is reportedly wary of Chubb’s bidding firepower because of the lack of synergies any takeover would yield.
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The potential disposal may help to alleviate competition concerns within the French market.
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The sale concludes Aviva’s plan to divest from non-core geographies and focus on the UK, Ireland and Canada.
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The Aon president said insureds will begin to “test” carriers and brokers on price.
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The Toby Esser-led broker said it would fulfil responsibilities to clients and partners.
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The service firm is jointly owned by a consortium comprising Paraline International, Skuld and investment firm ACHP plc.
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The firm is working with Canaccord Genuity to explore options for the business.
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Chubb made an unsolicited bid for the carrier last week at a 25% premium on its weighted average share price.
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The deal will give the acquirer further access to European business.
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The business is looking to acquire the 71.82% of the business it does not already own.
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In the eventuality of a Chubb-Hartford deal, two Navigators units would face relevancy challenges within the insurance company.
