Connecticut-based insurance company The Hartford has completed the earlier announced acquisition of Navigators Group, by offering $70 (£55.2) per share, for a total price of $2.2bn (£1.7bn) in cash.
Recently, The Hartford announced that it was on the verge of completing the deal, after securing all the necessary regulatory approvals. The company had agreed to acquire Navigators last August.
The Hartford president Doug Elliot said: “Today, we welcome more than 800 Navigators employees across the globe to The Hartford.
“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.”
In-line with the announcement made in February, The Hartford’s former Specialty Commercial and Middle Market businesses, along with Navigators operations have been aligned around two new businesses, Middle & Large Commercial and Global Specialty.
Middle & Large Commercial will focus on offering workers’ compensation, general liability, auto liability, property insurance and umbrella to midsize and large businesses through retail agents and brokers. It will include national accounts of The Hartford.
Global Specialty will be offering a comprehensive selection of specialty products through retail and wholesale channels. Together, the businesses will distribute specialised solutions to Hartford’s partners to help their clients in managing risks.
The combined property and casualty business will work under the Hartford brand, both in the US and internationally.
Reinsurance and US wholesale businesses will be marketed as ‘Navigators, a brand of The Hartford’.
Last year, when the deal was announced Navigators president and CEO Stanley Galanski said: “We look forward to bringing Navigators’ specialty lines capabilities to The Hartford, an organization that shares our commitment to underwriting excellence, attracting and retaining top talent, and delivering exceptional customer experiences.
“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.”
Founded in 1974, Navigators is based in Stamford, Connecticut, offering custom insurance solutions designed to protect clients from the complex risks they encounter.
The company covers both underwriting and claims requirements of its clients across maritime, construction, environmental, energy, professional services and life sciences industries.