The Hartford gets regulatory approvals for $2.1bn Navigators deal; date set for final completion

US-based property/casualty insurer The Hartford has received all regulatory approvals necessary for the closing of its  acquisition of global specialty insurance holding The Navigators Group.

The Hartford is acquiring Navigators in an all-cash deal of approximately $2.1 billion.

The transaction has already been approved by Navigators’ board of directors, and is expected to close by May 23. The deal is set to expand Hartford's offerings and underwriting risk appetite.

The Hartford recently entered into a $300 million aggregate excess of loss reinsurance treaty with National Indemnity Company (NICO) to protect itself against unfavourable prior year loss development at the Navigators Group.

The reinsurance treaty will be effective after the closing of the acquisition of Navigators.

“We are pleased to have received the necessary regulatory approvals for our acquisition of Navigators,” said The Hartford’s chairman and CEO Christopher Swift. “This acquisition is a significant milestone for our company and accelerates the achievement of key strategic objectives.

"We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”

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