By Robb M. Stewart
Property and casualty insurer Chubb Ltd. said Monday it remains a disciplined acquirer despite its efforts to buy Hartford Financial Services Group Inc. having been thwarted.
Chubb said that while it was disappointed by Hartford's decision not to discuss a proposed tie up, it continued to have confidence in its ability to capitalize on favorable commercial insurance market conditions.
Hartford's board last week unanimously rejected Chubb's unsolicited proposal to buy the Connecticut-based insurer.
In a statement last week, Chubb said its March 11 proposal would value Hartford at $65 a share. Hartford's market capitalization stood at roughly $24 billion in the wake of the Chubb proposal.
In premarket trading Monday, Hartford's shares were down 4% after ending last week at $67.76, up 38% so far this year. Chubb's shares were up 1.7% on Friday's close at $159.78.
Write to Robb M. Stewart at email@example.com
(END) Dow Jones Newswires
March 29, 2021 09:10 ET (13:10 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.