The Hartford has closed its acquisition of The Navigators Group, Inc., a global specialty underwriter, for $70 a share, for a total price of $2.2 billion in cash, including expenses.
“[W]e welcome more than 800 Navigators employees across the globe to The Hartford,” The Hartford's president, Doug Elliot, said in a statement. “Our combined capabilities and shared commitment to underwriting excellence enable The Hartford to offer a more diversified array of products through a broader distribution network, with an expanded geographic reach.”
The Hartford's former specialty commercial and middle market businesses, along with Navigators' operations, now are aligned around two new market-facing businesses: middle and large commercial and global specialty.
Middle and large commercial will focus on delivering workers' compensation, general liability, auto liability, property insurance, and umbrella to midsize and large businesses through retail agents and brokers.
Global specialty will provide a comprehensive selection of specialty products through retail and wholesale channels.
The Hartford said that the combined property and casualty business, both in the United States and internationally, will be marketed under The Hartford brand. Reinsurance and U.S. wholesale businesses will be marketed as “Navigators, a brand of The Hartford.” The company will transition to the new branding convention over time.
Learn more: https://www.thehartford.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].