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Hartford Financial Services Group Inc. said Thursday it has received all regulatory approvals needed to close its $2.1 billion acquisition of specialty insurer The Navigators Group Inc.
The transaction is expected to be effective May 23, Hartford said in a statement.
Navigators President and CEO Stanley A. Galanski is due to step aside upon the close of transaction, Hartford said earlier.
Hartford also said its existing specialty commercial and middle market businesses will operate as Global Specialty and Middle & Large Commercial.
Hartford Financial Services Group Inc.’s proposed acquisition of Navigators Group Inc. will give Hartford a greater geographic and product reach, adding significantly to its commercial lines capabilities, according to both Hartford and insurance market analysts.