Hartford acquires Navigators, global specialty underwriter, for $2.2bn

Hartford acquires Navigators : The Hartford Financial Services Group completed its previously announced $2.2 billion acquisition of The Navigators Group, a global specialty underwriter, having secured all the regulatory approvals and satisfying preceding conditions.

Following the completion of Hartford acquisition of Navigators, more than 800 employees of the latter working across the world have joined the former.

The two companies signed the all-cash transaction in August 2018 under which The Hartford agreed to acquire 100% of Navigators for $70 per share.

Doug Elliot – The Hartford President, commenting on Hartford acquisition of Navigators, said: “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.”

Hartford acquires Navigators – The Hartford Financial Services Group acquires global specialty underwriter Navigators. Image courtesy of The Hartford.

The former specialty commercial and middle-market units of The Hartford and Navigators’ operations have been aligned now around a couple of new market-facing businesses in the form of Middle & Large Commercial and Global Specialty.

Middle & Large Commercial, through retail agents and brokers, will provide general liability, workers’ compensation, property insurance, auto liability, and umbrella to midsize and large businesses.

On the other hand, Global Specialty, through retail and wholesale channels, will be engaged in offering a wide variety of specialty products.  The Global Specialty will be made up of US specialty insurance and international teams.

The Hartford said that the two businesses will enable the company’s distribution partners to offer the specialized solutions they require to help their clients with risk management.

The consolidated property and casualty business, both in the US and in rest of the world, will be branded under The Hartford name, while the reinsurance and US wholesale businesses will be branded as “Navigators, a brand of The Hartford”.