The agreement will expand The Hartford’s global underwriting reach, which will now include an established presence at Lloyd’s
The Hartford has announced that it has entered into a definitive agreement to acquire the Connecticut-based specialty insurer The Navigators Group., Inc. In a deal valued at approximately $2.1 billion in cash, The Hartford will acquire all of Navigators stock at $70 a share. In commenting on its latest acquisition, The Hartford’s Chairman and CEO Christopher Swift said the following:
“We are excited to announce the acquisition of Navigators, which we are confident will achieve key strategic and financial objectives for The Hartford. It 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. We are optimistic about our combined growth opportunities and expect the acquisition to generate attractive returns.”
The transaction, which already has been approved by both the board of directors of both entities is now subject to approval by Navigator’s shareholders. In addition, the deal must also satisfy the other customary closing conditions associated with a transaction of this nature, including regulatory approval. As a result, the official closing is expected to occur in the first half of 2019.
“This transaction combines two organizations with disciplined underwriting cultures and a shared commitment to innovation, financial performance, and attracting and retaining top talent.” added The Hartford’s President Doug Elliot in the official company announcement. “Together, we will leverage a more complete product and service offering through a best-in-class distribution network enabled by our combined underwriting, claim capabilities and risk engineering, and enhanced by The Hartford’s strong brand.”
A further look at The Navigators
Founded in 1974, Navigators is a recognized leader in the global marine, construction and energy industries, in addition to the U.S. Excess Casualty and Surplus Lines marketplace.
Like The Hartford, Navigators also is headquartered in Connecticut, in Stamford. With approximately 820 global employees, the company has 22 locations throughout the U.S. as well as eight other locations internationally. In addition, the company has an established presence at Lloyd’s as well as growing underwriting operations in Europe, Asia and Latin America.
“We look forward to bringing Navigators’ specialty lines capabilities to The Hartford,” said Stanley A. Galanski, Navigators President and CEO.
“By joining The Hartford and leveraging the strength of its balance sheet and quality of its core commercial insurance products, we will create exciting opportunities to deliver enhanced value to our brokers and policyholders.”
