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Chubb 'Disappointed' At The Hartford's Rejection

Tony Spinelli
/
Connecticut Public

Insurance giant Chubb has broken its silence over The Hartford’s rejection of its takeover offer, but the company did not make clear whether it intends to return with a sweetened bid. The Swiss company said in a statement Monday it’s disappointed its $23 billion offer was turned down by The Hartford’s board, but it says it has confidence in its ability to capitalize on favorable market conditions.

The statement goes on to say that Chubb remains “a disciplined acquirer with an uncompromising focus on the fair value of any institution that we could acquire.”

Hartford Mayor Luke Bronin has also given his first public comment on the offer for one of his most iconic corporate citizens. At a news conference Friday, Bronin applauded the stance of The Hartford's board.

“From my perspective, the statement that was issued by The Hartford’s board of directors was very strong and clear, in expressing their view that this transaction is not in the best interest of shareholders,” he said. “And again, I and I think many others would have very significant questions about whether that transaction would be in the public interest.”

Meanwhile, according to a report from Bloomberg, Germany-based Allianz SE, Europe’s largest insurer, may also be readying a bid for the Connecticut company.

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

Connecticut Public’s journalism is made possible, in part by funding from Jeffrey Hoffman and Robert Jaeger.