Chubb Limited issued a statement Monday on its unsuccessful attempt to acquire The Hartford.
It was revealed earlier this month that Chubb tried to acquire Hartford Financial in a deal valued at more than $23 billion. The Hartford later rejected the offer.
If Chubb were to absorb Hartford, it will mark the final stage for a company known to many over the decades as The Hartford, a favorite across the life insurance and property/casualty markets. Hartford had sustained life-threatening injury during the 2008 financial meltdown, when it was one of the largest Too Big To Fail companies to accept federal loans to remain solvent.
The meltdown hit Hartford’s variable annuity guarantees hardest, leading the company to wind down much of its life insurance sector business. The company’s current P/C focus made it a target for the latest Chubb acquisition.
Chubb's Monday statement reads:
"As demonstrated by our industry-leading returns and underwriting performance, we have created an unsurpassed franchise in the insurance industry and its most dynamic markets. We continue to have great confidence in our ability to capitalize on favorable commercial insurance market conditions. Our organization is totally focused, and we remain firmly committed to delivering significant value for our shareholders.
"Although we were disappointed that The Hartford chose not to engage in discussions regarding a strategic business combination, our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror with an uncompromising focus on the fair value of any institution that we could acquire."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.