Stephen Simpson, CFA
Stephen Simpson, CFA
Wed, Mar. 16, 4:26 PM
- The purchase by The Hartford (NYSE:HIG) speeds up its efforts to build on its market-leading position in Small Commercial by expanding product offerings and capabilities, says President Doug Elliot.
- Maxum will continue to operate out of Alpharetta, GA.
- The all-cash deal is expected to close in Q3 and wont' have a material impact on The Hartford's results.
Jul. 13, 2015, 10:56 AM
- Chatter that Hartford Financial (HIG +3.1%) has hired an advisor to explore a sale has that stock popping higher in the past few minutes.
Jul. 1, 2015, 3:47 PM
- "The management teams of virtually every large property-casualty company will be having a conversation today about whether they should be more active acquirers,” says Sandler O'Neill's Paul Newsome.
- Before sellers get too excited, they should note the price Ace is paying for Chubb is just 1.7x book value - a discount to what high-quality insurance businesses typically sell for. "“I probably need to reassess what I’m holding out for because I’m never going to get that big price-to-book multiple now," says Newsome. "If a much-vaunted, well-regarded shop gets 1.7x book value, what should the mid-cap company that lacks scale and is kind of struggling get?”
- Possible buyers would include AIG, Allstate, and Travelers. With each having less than a $15B market cap, maybe on the block: W.R. Berkley (WRB +5.2%), Arch Capital (ACGL +2.7%), XL Group (XL +2%), and Cincinnati Financial (CINF +4.5%). Sporting just an $18B market cap and thus also maybe a target is Hartford Financial (HIG +6%).
- "There is now literally no deal that cannot be contemplated in P&C," says Citi's Todd Bault.
- Source: Bloomberg
- Previously: Ace builds more scale with Chubb purchase (July 1)
- Previously: P&C stocks on the move after Chubb sale (July 1)
- Previously: ACE buying Chubb in cash and stock deal for $28.3B (July 1)
Apr. 28, 2014, 5:25 AM
- As flagged last month, Hartford Financial Services (HIG) has agreed to sell Japanese unit Hartford Life Insurance to Orix Corp (IX) in a deal worth $895M.
- The Japanese financial conglomerate intends to combine the Hartford unit with its Orix Life Insurance.
- The sale is part of Hartford's efforts to limit liabilities connected to life and retirement plans that were issued in the past.
Mar. 16, 2014, 3:16 AM
- Hartford Financial Services Group (HIG) is reportedly close to an agreement to sell its Japan operations to Orix Corp for $875M.
- The sale would be part of Hartford's efforts to limit liabilities connected to life and retirement plans that were issued in the past.
- Sterne Agee & Leach analyst John Nadel expects any sale to free up at least $600M that was supporting Hartford's Japanese obligations.
Jan. 2, 2013, 4:27 PM
Prudential (PRU) closes on its purchase of Hartford's (HIG) Individual Life Insurance business 3 months after the initial announcement. The transaction consists of Prudential paying $615M to Hartford and reinsuring about 700K of its life insurance policies with face amount of approximately $135B. (PR)| Jan. 2, 2013, 4:27 PM
Dec. 3, 2012, 9:22 AMAIG closes on its purchase of Hartford Financial's (HIG) brokerage unit - Woodbury Financial Services. For Hartford, it's another step towards refocusing on its core business. For AIG, the company ups its financial advisers and AUM by about 25% each, to 6K and $125B, respectively. (PR) | Dec. 3, 2012, 9:22 AM
Sep. 27, 2012, 4:43 PM
As tipped earlier, Hartford agrees to sell its individual life insurance business to Prudential (PRU) for $615M. It's the 3rd divestiture Hartford has carried out within the past three months, selling its Woodbury Financial Services in late July and its Retirement Plans business in early September. Despite the sale price being well less than the rumored $1B, HIG +2% AH.| Sep. 27, 2012, 4:43 PM
Sep. 27, 2012, 9:32 AM
A deal for Prudential (PRU +0.8%) to buy Hartford's (HIG +2.4%) individual life-insurance business for about $1B could be inked as soon as today, reports the WSJ. The sale would be another step in Hartford's narrowing of its focus to property-casualty and group-benefits insurance, not to mention the vanishing of its once-booming (but eventually disastrous) variable annuity business.| Sep. 27, 2012, 9:32 AM
Sep. 4, 2012, 5:09 PM
Jul. 31, 2012, 5:25 PM
Jul. 23, 2012, 1:08 PM
AIG (AIG -1.8%) reportedly is negotiating to buy the Woodbury independent broker-dealer business from Hartford (HIG -1.9%), an insurance rival that's divesting several businesses. The possible transaction comes as Hartford has faced criticism from big shareholder John Paulson, which over the past year has demanded HIG take action to improve its stock price.| Jul. 23, 2012, 1:08 PM
Mar. 22, 2012, 3:19 PM
John Paulson may want Hartford (HIG -3.7%) to spin off its property-casualty arm, but former top New Jersey insurance regulator Tom Considine notes that such a decision can't be made without regulatory input. Spinning off property-casualty and leaving a “less vibrant part behind would be closely scrutinized,” he says, adding, "Approval would be unlikely in this environment."| Mar. 22, 2012, 3:19 PM | 1 Comment