The Hartford has announced that it has received all regulatory approvals necessary to close its acquisition of global specialty underwriter The Navigators Group.
The company added that it expects the transaction to be effective May 23, 2019.
“We are pleased to have received the necessary regulatory approvals for our acquisition of Navigators,” commented The Hartford’s chairman and CEO Christopher Swift.
Swift added that the acquisition is a “significant milestone” for The Hartford, accelerating the company’s strategic objectives.
“We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”
The acquisition was first announced in August last year. A previous release put the deal at around $2.1 billion, all-cash. Once the transaction closes, Navigators stockholders will receive $70 per share in cash.
Navigators president and CEO Stanley A. Galanski previously said that the deal would result in the “realization of significant value” for Navigators stockholders.