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Chubb made an unsolicited bid for the carrier last week at a 25% premium on its weighted average share price. -
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.
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HGGC-backed SRG says it’s agreed an orderly transition with its rival.
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The proposed consideration represents a mix of stock with the majority in cash.
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The carrier says its board of directors is "carefully considering" the proposal.
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The Hartford share price jumps 12% on report of deal talks with Chubb.
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The new funding round values the InsurTech at $1.75bn.
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William Monat launched the broker’s transactional risk unit in Chicago and previously led two MGAs in the space.
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The transaction will complete in April and the business will be integrated into Credit Risk Solutions.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
