Allianz Studies Hartford Situation After Chubb’s $23 Billion Bid
Tuesday, 03 30 2021, Category: Insurance and Reinsurance, Country: World
Chubb Ltd.’s $23 billion takeover offer for Hartford Financial Services Group Inc. has prompted Germany’s Allianz SE to study the feasibility of a counteroffer, according to people familiar with the matter.
Europe’s biggest insurer is discussing its options with potential advisers, said the people, asking not to be identified because the discussions are private. While Allianz views Hartford as one of the remaining property and casualty insurance targets with scale in the U.S., it’s also reluctant to enter into a pricey bidding war with Chubb because of a lack of synergies between the two, the people said.
Deliberations are in an early stage and Allianz could likely decide against pursuing a deal, which would be transformational for the German financial giant that has mostly staid away from mega transactions, the people said.
Representatives for Allianz and Hartford declined to comment on the story.