The Hartford (NYSE:HIG) today announced that its board of directors, after consultation with its financial and legal advisors, has unanimously rejected Chubb Limited’s March 11, unsolicited proposal to acquire The Hartford and determined that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.
Last week, both companies confirmed the Chubb offer of $65 per share of The Hartford.
The Hartford was the 20th largest private passenger automobile insurer in the U.S. with
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