American property and casualty insurer The Hartford has obtained all regulatory approvals to complete its proposed $2.1bn takeover of specialty underwriter Navigators.

The transaction is likely to complete on 23 May.

The Hartford signed the agreement to acquire Navigators in August last year, which was approved by Navigators’ shareholders in November.

The Hartford chairman and CEO Christopher Swift said: “We are pleased to have received the necessary regulatory approvals for our acquisition of Navigators.

“This acquisition is a significant milestone for our company and accelerates the achievement of key strategic objectives. We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”

Under the deal, The Hartford will align the specialty’s operations along its global specialty and middle and larger commercial businesses.

The firm will become a subsidiary of The Hartford upon completion of the deal.

Navigators, which was founded in 1974, provides insurance services to maritime, construction, energy, environmental, professional services and life sciences.

The acquired entity manages 22 offices across the US and eight offices internationally. It employs around 820 staff, who will migrate to The Hartford as part of the deal.