Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 22, 2018

The Hartford to acquire Stamford underwriter for $2.1B

PHOTO | Contributed The Hartford's headquarters.
By Joe Cooper

Property and casualty insurer The Hartford announced plans Wednesday to acquire a Stamford-based global specialty underwriter for $2.1 billion.

The Hartford said it has signed a deal to purchase The Navigators Group Inc., known for its presence in the global marine, construction and energy industries, for $70 a share, or $2.1 billion in cash.

Both companies’ boards already approved the deal, which is expected to close in the first half of 2019. The acquisition is subject to regulatory and shareholder approval and customary closing conditions.

Under the deal, Navigators’ 820 employees -- 600 domestic and 150 international -- will join The Hartford after closing.

The Stamford underwriter says the agreement includes a “go-shop” provision to allow them to solicit other bids for 30 days. If its board approves a new offer and The Hartford does not match, the new bidder would pay a termination fee to the insurer.

Navigators operates in several business segments including U.S. and international insurance, global reinsurance, and is growing its underwriting operations in Europe, Asia and Latin America, The Hartford said.

In 2020, The Hartford projects the acquisition will add net income of $30 million to $75 million to its bottomline.

The Hartford’s CEO and Chairman Christopher J. Swift said the deal “expands our product offerings and geographic reach, and adds tenured and proven underwriting and industry talent while strengthening our value proposition to agents and customers.

Founded in 1974, Navigators is headquartered at 400 Atlantic St. in downtown Stamford. It has 22 locations nationwide and eight internationally.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF