The Hartford Financial Services Group this morning revealed it has received two additional unsolicited takeover bids from rival Chubb, since the first offer in early March. Each subsequent offer increased the price per share Chubb was willing to pay to acquire the Connecticut insurer, but The Hartford’s board unanimously rejected both proposals.
In a statement the company said its board determined that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board also unanimously reaffirmed its confidence in The Hartford’s strategic business plan.
Meanwhile the Hartford released first quarter results that were impacted by catastrophe losses from the recent winter storms in Texas, as well as by COVID-related losses in the company’s group benefits segment, and its recently announced settlement over insurance claims by the Boy Scouts of America.