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The Wall Street Journal: Chubb looks to buy insurance rival Hartford

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Chubb Ltd., one of the nation’s biggest, oldest and best-known property-casualty insurers, has made a preliminary proposal to acquire Hartford Financial Services Group Inc., another storied name in the industry.

The Connecticut-based Hartford
HIG,
+18.71%

said in a release Thursday afternoon that it “has received an unsolicited, non-binding proposal from Chubb” to acquire the 211-year-old company. Hartford said its board of directors “is carefully considering the proposal with the assistance of its financial and legal advisors.”

In a statement after the market closed, Chubb
CB,
-2.63%

said the proposal would value Hartford at $65 a share, saying the combination “would be strategically and financially compelling for both sets of shareholders and other constituencies.”

At $65, the offer is 12% above the stock’s opening price Thursday of $57.94. Chubb said it submitted its proposal March 11.

An expanded version of this report appears on WSJ.com.

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