(Bloomberg) -- Hartford Financial Services Group Inc. said Chubb Ltd., the mammoth property-casualty insurer run by Evan Greenberg, made an unsolicited proposal to acquire the company.
Hartford's statement, released Thursday, confirms an earlier Bloomberg report about the approach. Hartford said its board is reviewing the deal with financial and legal advisers and didn't disclose any terms of the proposal.
A takeover of the Hartford, which is valued at more than $23 billion, would rank as one of Greenberg's largest deals since the almost $30 billion tie-up of Ace Ltd., the firm he previously used to run, with the company then known as Chubb Corp. in 2016. With a Hartford acquisition, Chubb would further expand his insurance empire with deeper footholds in the small-business insurance market as well as auto and home insurance sectors.
Hartford, led by Chief Executive Officer Chris Swift, has long been seen as a potential acquisition target. Swift, and his predecessor Liam McGee, have derisked the insurer and focused it more on property-casualty coverage and some employee-benefits operations after the company took a bailout in the financial crisis.
Hartford stock was up nearly 16% to $66.56 at 3:38 p.m. after confirming the Chubb proposal. Chubb shares fell 3.3% to $167.72.
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