Insurer Chubb 'disappointed' after rival Hartford snubs buyout bid

Property and casualty insurer Chubb Ltd said on Monday it was "disappointed" that smaller rival Hartford had declined to engage in talks on its $23.24 billion takeover offer.

Chubb made an offer of $65 per share on March 18, a premium of about 13% to Hartford's closing stock price a day earlier. Hartford's rejection, which came five days later, was widely expected, as analysts had said the company was worth $80 per share or more.

A deal between Hartford and Chubb would be the biggest in the sector since Aon Plc's $30 billion bid to buy Willis Towers Watson last year, and the largest in the U.S. P&C insurance space since Chubb was created in its current form in January 2016.

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