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May 17, 2019

The Hartford’s $2.1B Navigators acquisition clears regulatory hurdles

By Joe Cooper

Property and casualty insurer The Hartford says its proposed $2.1 billion acquisition of Stamford global specialty underwriter The Navigators Group Inc. is slated to close next week.

The Hartford Navigators
Photo | Contributed
The Hartford's headquarters.

The Hartford on Thursday afternoon announced it’s received all regulatory approvals for the deal, which is now expected to be effective Thursday, May 23. The combination was originally announced in August and Navigators shareholders approved the deal in November.

Under the deal, The Hartford will combine Navigators’ operations and its specialty commercial and middle market businesses into two new segments, including global specialty and middle/larger commercial.

Navigators, which employees about 800 people, will become a subsidiary of The Hartford upon completion of the deal, which is projected to add profits of $30 million to $75 million to the insurer’s bottom line, officials say.

“This acquisition is a significant milestone for our company and accelerates the achievement of key strategic objectives,” said The Hartford’s CEO and Chairman Christopher Swift. “We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”

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