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Hartford Financial falls after agreeing to buy Navigators

  • 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)

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The Hartford Financial Services Group, Inc.