- Hartford Financial (NYSE:HIG) falls as much as 4.2% after announcing a deal to buy Navigators (NASDAQ:NAVG) for $2.1B.
- Hartford sees 2019 income before acquisition-related charges falling by an "immaterial" amount. It hasn't yet determined the size of its acquisition-related charge.
- Also the deal will hurt net investment income by $50M in 2020.
- Mark Dwelle of RBC says the acquisition price is at the high end compared with other similar properties and synergies are limited, Bloomberg reports.
- Navigators, meanwhile, rises 9% to $70.03, exceeding the acquisition price.
- KBW analyst Meyer Shields says another bid for Navigators is possible but not likely..
- Another specialty insurer, Argo Group International (NYSE:ARGO), gains 1.0%.
- Previously: Hartford to buy Navigators for $2.1B (Aug. 22)
Hartford Financial falls after agreeing to buy Navigators
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About HIG Stock
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Symbol | Last Price | % Chg |
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HIG | - | - |
The Hartford Financial Services Group, Inc. |