Chubb Statement

Rhea-AI Summary

On April 22, 2021, Chubb Limited (NYSE: CB) announced its disappointment in The Hartford's decision not to engage with their acquisition proposals. Chubb believes that consolidating their organizations would have been financially beneficial for both parties. Despite this setback, Chubb emphasizes its commitment to disciplined acquisitions and remains focused on capitalizing on favorable property and casualty market conditions. The company continues executing its long-term operating strategies while maintaining its strong market position.

Positive

• Chubb is well positioned to capitalize on excellent property and casualty market conditions.
• The company remains focused on executing long-term operating strategies.

Negative

• The Hartford rejected Chubb's acquisition proposals, indicating a lack of collaboration.
• Chubb's disappointment in the failed acquisition may impact shareholder sentiment.

NEW YORK, April 22, 2021 /PRNewswire/ -- Chubb Limited (NYSE: CB) issued the following statement today:

We have believed that a consolidation of our two organizations, on terms that recognized The Hartford's fair value, would be financially and strategically compelling for both sets of shareholders.

Nonetheless, The Hartford has chosen not to engage in response to any of our proposals.

The path to a transaction would have been engagement coming from The Hartford on the terms of our last proposal.

Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror.

Chubb is well positioned. Our organization has been and remains totally focused, capitalizing on excellent P&C market conditions and executing our longer-term operating strategies.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as statements relating to a potential business combination transaction, the benefits of such a transaction on shareholders and stakeholders, the timing of the consummation of a transaction, and our expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including those set forth above, which may cause actual results to differ materially from these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and the company does not intend to make any additional comments regarding these discussions or any potential transaction unless and until a formal agreement has been reached or the company's board of directors has approved a definitive course of action.

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SOURCE Chubb Limited

FAQ

What did Chubb announce on April 22, 2021?

Chubb announced its disappointment regarding The Hartford's refusal to engage in acquisition proposals.

What is the stock symbol for Chubb Limited?

The stock symbol for Chubb Limited is CB.

What are the financial implications of Chubb's failed acquisition attempts?

Chubb remains committed to disciplined acquisitions, but its failed attempts may impact shareholder sentiment.

How does Chubb plan to move forward after the Hartford acquisition proposal rejection?

Chubb plans to focus on capitalizing on strong market conditions and executing its long-term strategies.