Chubb 'disappointed' after Hartford snubs buyout bid

(Reuters) — Property and casualty insurer Chubb Ltd. said Monday it was “disappointed” that smaller rival Hartford Financial Services Inc. had declined to engage in talks on its $23.24 billion takeover offer.

Chubb made an offer of $65 per share on March 18, a premium of about 13% to Hartford's closing stock price a day earlier.

Hartford’s rejection, which came five days later, was widely expected, as analysts had said the company was worth $80 per share or more.

A deal between Hartford and Chubb would be the biggest in the sector since Aon PLC's $30 billion bid to buy Willis Towers Watson PLC last year, and the largest in the U.S. property/casualty insurance space since Chubb was created in its current form in January 2016.