The Hartford is all set to wrap up its $2.1bn acquisition of global specialty underwriter Navigators Group later this month having secured all the necessary regulatory approvals.
The US-based property and casualty insurance major signed the all-cash deal to acquire Navigators in August 2018.
The Hartford chairman and CEO Christopher Swift said: “We are pleased to have received the necessary regulatory approvals for our acquisition of Navigators.
“This acquisition is a significant milestone for our company and accelerates the achievement of key strategic objectives. We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”
As per the terms of the deal, The Hartford agreed to pay $70.00 per share to Navigators’ shareholders upon the closing of the transaction.
Navigators, which is based in Connecticut, provides customized insurance solutions designed to protect clients from the complex risks they face.
Founded in 1974, the specialty insurance company handles the underwriting and claims requirements of its clients in the maritime, environmental, energy, construction, professional services, and life sciences industries.
The specialty underwriter is also engaged in the US excess casualty and surplus lines market.
Apart from having a presence at Lloyd’s, the company has underwriting operations in Europe, Latin America and Asia.
Earlier this year, The Hartford disclosed plans for a new operating model and organizational structure for its specialty commercial and middle market businesses, which is to come into effect after the completion of the pending acquisition.
The Hartford said that its specialty commercial and middle market units will be aligned around two new market-facing businesses, to be branded as Global Specialty and Middle & Large Commercial, respectively.
Global Specialty will engage in providing a variety of specialty products through retail and wholesale channels. The unit will also include The Hartford’s surety and financial products businesses.
Middle & Large Commercial will include national accounts of The Hartford. It will focus on offering workers’ compensation, auto liability, general liability and property insurance to mid-size and large businesses through brokers and retail agents.
Middle & Large Commercial will include industry verticals, program and captive businesses, and umbrella, excess and also high-hazard general liability offerings.