The Hartford has closed its previously announced acquisition of The Navigators Group, Inc. for a total price of $2.2 billion in cash, including expenses.
The deal, announced in August of 2018, expands The Hartford’s product offerings and geographical footprint. Navigators has 22 locations across the U.S. and eight globally, and has roughly 820 employees around the world set to join The Hartford now the deal has completed.
The Hartford’s President, Doug Elliot, commented: “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 February of this year, The Hartford announced a new operating model and organisational structure for its specialty commercial and middle market businesses following the completion of its pending acquisition of The Navigators.
The new, combined property and casualty business in the U.S. and globally, will be marketed under The Hartford brand. While Reinsurance and U.S. Wholesale business will be marketed as “Navigators, a brand of The Hartford.”
Earlier this month, The Hartford revealed that it plans to purchase $300 million of adverse development cover (ADC) from Berkshire Hathaway to protect it from unfavourable loss reserve movement at The Navigators.
