The Hartford

The Chubb CEO seeks to quash speculation the carrier may return with a sweetened takeover proposal.

The senior underwriter joins the carrier from Chubb.

The carrier provided optimistic projections on margins and growth, expanded buyback authorization and gave details about two more bids from Chubb.

The CEO also says M&A remains a “low priority” for the carrier and that he doesn’t see any further outsized liability exposures in the portfolio after settling with BSA.

Chubb reiterates its disappointment about The Hartford’s refusal to engage.

Rate increases remained strong in the quarter, but slowed from the end of last year.

Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.

The deal will inflict a $225mn reserve charge on The Hartford for Q1.

The next few years could prove to be more active in consolidation than normal for underwriters.

Greenberg is presumably 50 steps ahead, and The Hartford’s response last week was likely not a surprise.

The one-time suitor releases a statement after a report that Allianz is contemplating an offer of its own.

The rejection was inevitable although the emphatic nature of it hints at a real determination to remain independent.