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29 March 2021Insurance

Allianz mulls bid for The Hartford

Allianz is said to be considering an offer for The Hartford, according to a report by Bloomberg. This follows news that  The Hartford rejected an offer from Chubb.

Citing “people familiar with the matter” Bloomberg reported that Chubb’s $23.24 billion takeover bid had prompted Allianz to consider making an offer, but it was reluctant to “enter a pricey bidding war” with Chubb due to a “lack of synergies” between the two.

Deliberations are said to be at an early stage and Allianz “could likely” decide against making an offer. Under the leadership of Oliver Bäte, Allianz has mostly avoided major transactions. However, it did announce its acquisition of Aviva Poland for €2.5 billion last week, and earlier this month it announced that it has agreed to acquire Aviva Italia, the Italian P/C entity of Aviva Group, from Aviva Italia Holding for €330 million.

Allianz’ footprint in Europe is relatively small compared with Chubb’s and if Chubb acquired The Hartford, this imbalance would be amplified.

Following The Hartford’s rejection of Chubb’s offer last week, The Hartford’s market value increased to $24 billion.

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More on this story

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1 April 2021   Allianz says the deal allows it to transition to a more modern life business in Belgium.
Insurance
29 March 2021   Chubb said it remains committed to delivering value for its shareholders.
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23 March 2021   The Hartford's board have determined that Chubb's offer is not in the best interests of the company or shareholders.