Chubb proposes merger with The Hartford

Chubb has presented The Hartford with a proposal for a merger that it argues will be strategically and financially compelling for both sets of shareholders and other constituencies.

The proposal values The Hartford at $65.00 per share, representing a premium of 26 percent based on its unaffected 20-day volume weighted average share price of $51.70 as of March 10, 2021. The consideration represents a mix of stock with the majority in cash.

Chubb said it has not yet received a response to its proposal.