A.M. Best Comments on Credit Ratings of The Hartford Financial Services Group, Inc. Following Acquisition Announcement
23 August 2018 - 8:35AM
Business Wire
A.M. Best has commented that the Credit Ratings (ratings)
of The Hartford Financial Services Group, Inc. (The Hartford)
(Delaware) [NYSE: HIG] and its subsidiaries remain unchanged
following The Hartford’s recent announcement that it has entered
into a definitive agreement to acquire The Navigators Group, Inc.
(Navigators) (Delaware) [NASDAQ: NAVG].
The definitive agreement is an all-cash transaction that values
the Navigators enterprise at approximately $2.1 billion. Under the
terms of the agreement, Navigators stockholders will receive $70.00
per share in cash upon the closing of the transaction. The
agreement includes a “go-shop” provision, where Navigators will
have an opportunity to solicit competing acquisition proposals for
30 days.
Based on the currently available information, A.M. Best does not
anticipate that the transaction will have any near-term impact on
the ratings of The Hartford or its subsidiaries. Holding company
leverage and coverage metrics will remain within guidelines. The
current assessments of balance sheet strength, operating
performance, business profile and enterprise risk management of The
Hartford and its subsidiaries are not expected to be materially
affected over the near to medium term by the acquisition of
Navigators. A.M. Best will continue to evaluate any developments
relative to The Hartford ratings as additional details regarding
the transaction terms and integration plans become available.
A.M. Best expects the transaction to close in the first half of
2019, subject to regulatory and stockholder approvals, and other
customary closing conditions.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20180822005699/en/
A.M. BestJonathan Harris, CFA, FRM, CPCU, +1 908 439
2200, ext. 5771Senior Financial
Analystjonathan.harris@ambest.comorJennifer Marshall,
+1 908 439 2200, ext.
5327Directorjennifer.marshall@ambest.comorChristopher
Sharkey, +1 908 439 2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1 908 439 2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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