Reinsurance News

The Hartford

The Hartford names Michael Garrison as head of Wholesale for Navigators

26th October 2021

The Hartford has named Michael Garrison as head of Wholesale for Navigators, where he will lead the strategic direction, growth, and underwriting for the business. He will report to The Hartford’s head of Global Specialty Adrien Robinson. Garrison brings over 28 years of experience in the insurance industry, having worked in New ... Read the full article

The Hartford to pay $787mn in new Boy Scouts of America deal

15th September 2021

The Hartford has entered into a new agreement-in-principle in the Boy Scouts of America (BSA) bankruptcy that will see the firm pay $787 million, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release ... Read the full article

The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW

13th September 2021

KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer's losses related to the storm. Furthermore, KBW has relayed that The Hartford doesn't anticipate reaching its minimum reinsurance layers, which ... Read the full article

The Hartford adds Claire Burns as Marketing, Communications Officer

5th August 2021

The Hartford has appointed Claire Burns to serve as Chief Marketing and Communications Officer, effective September. Burns will report directly to Chairman and CEO Christopher Swift and succeeds Kathleen Bromage, who will remain in an advisory role and continue to oversee Hartford Next through the end of the year. “Claire’s outstanding industry ... Read the full article

The Hartford reports $900mn Q2 net income

29th July 2021

US property and casualty insurer The Hartford has reported a Q2 2021 net income of $900 million, an increase of 94% from $463 million in Q2 2020. Its combined ratio in the second quarter came in at 88.9%, with an underlying combined ratio of 89.4%, a 13.5 point improvement from 102.9%. The ... Read the full article

The Hartford promotes Tony Paschali

9th July 2021

The Hartford has appointed Tony Paschali as head of the Southeast Division for the company’s Middle and Large Commercial Insurance business. Paschali will lead the sales and underwriting operations for the company’s independent agents, brokers and customers across 12 Southeastern states from Delaware to Florida. He will report to Tracey Ant, head ... Read the full article

The Hartford chapter “is closed” says Chubb CEO Greenberg

28th April 2021

During insurer and reinsurer Chubb's first-quarter 2021 earnings call held earlier today, Chairman and Chief Executive Officer (CEO), Evan Greenberg, said that "the chapter with The Hartford is closed." Earlier this week, U.S. property and casualty insurer The Hartford revealed that it had rejected a further two unsolicited acquisition offers ... Read the full article

Hartford’s Q1 net income hits $244mn despite heavy core earnings blow

22nd April 2021

The Hartford has announced first quarter net income of $244 million, down 9% from the prior year quarter. The US property and casualty insurer’s Q1 results were particularly impacted by a $650 million settlement with the Boy Scouts of America (BSA), $214 million in pre-tax net catastrophe losses and $185 million ... Read the full article

The Hartford rejects two additional acquisition offers from Chubb 

22nd April 2021

U.S. property and casualty insurer The Hartford has rejected further unsolicited acquisition proposals from re/insurer Chubb, which in turn has expressed disappointment over a lack of engagement. Alongside the release of its first-quarter 2021 financials today, The Hartford has announced the receipt and rejection of two additional acquisition offers from global ... Read the full article

The Hartford reaches $650m settlement with the BSA; pre-announces cat losses

19th April 2021

Property and casualty insurer The Hartford has pre-announced unfavourable prior year reserve development of approximately $225 million (pre-tax) and current accident year catastrophe losses of $214 million (pre-tax) for the first-quarter of 2021. The estimates for unfavourable reserve development includes, among other items, a charge to increase reserves related to a ... Read the full article

Chubb “disappointed” by The Hartford rejection

29th March 2021

Global re/insurer Chubb has released a statement saying it is “disappointed” by The Hartford’s decision to reject its $23.24 billion acquisition offer. The Hartford's board unanimously rejected Chubb's takover bid last week on the basis that such a transaction "would not be in the best interests of the company ... Read the full article

Allianz considering offer for The Hartford after Chubb rejection: reports

29th March 2021

German re/insurer Allianz is exploring an offer for The Hartford, after the U.S. property and casualty insurer rejected a recent offer from Chubb, according to Bloomberg reports. Bloomberg, citing people familiar the matter, reports that Allianz is discussing options with potential advisers and views The Hartford as one of the remaining ... Read the full article

49% of industry participants felt Chubb would need a higher bid to land Hartford

26th March 2021

Having approached our industry contacts following news that Chubb was lining up an acquisition attempt for rival insurer Hartford, Reinsurance News found 49% believed a higher asking price would be needed for the mega transaction to go ahead. Interestingly our findings came just hours before The Hartford’s board rejected ... Read the full article

The Hartford Board unanimously rejects Chubb acquisition offer

23rd March 2021

After consultation with its financial and legal advisors, The Hartford has announced that its Board of Directors has unanimously rejected re/insurer Chubb's approximately $23.24 billion acquisition offer. Following reports in the media that Chubb had approached carrier The Hartford over a potential acquisition, Chubb later confirmed it had made ... Read the full article

Chubb approaches The Hartford over $23.24bn combination

19th March 2021

Global insurer and reinsurer Chubb has confirmed that it has made an approximately $23.24 billion acquisition offer for The Hartford, valuing the firm at $65 per share. Late yesterday, reports emerged that Chubb was considering the takeover of rival insurer The Hartford. Chubb has now confirmed that on March 11th, it ... Read the full article

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