The board of directors of The Hartford, a property-casualty insurer in the US, has rejected rival Chubb’s $23.2bn unsolicited offer to buy the company.

The decision, said to be unanimous, was taken after consultation with financial and legal advisers.

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Goldman Sachs and Deutsche Bank were the financial advisers of The Hartford, while Cleary Gottlieb Steen & Hamilton served as the legal counsel.

Elaborating its rationale for the decision, The Hartford stated that the proposal would not be in the best interests of the firm as well as its shareholders.

“The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan,” The Hartford stated.

US-based property-casualty insurer Chubb made a preliminary proposal to acquire The Hartford in a cash-stock transaction valued at $23.2bn.

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The offer valued each share at $65, with proposal to offer majority of the consideration in cash.

According to Chubb, the deal would be ‘strategically and financially compelling for both sets of shareholders and other constituencies’.

The Hartford, based in Connecticut, has been selling several businesses lately.

In October 2020, Premia Holdings agreed to take over Navigators Holdings (Europe) and its associated companies from The Hartford.

Navigators’ associated companies, collectively referred to as ‘ASCO’, includes Assurances Continentales – Continentale Verzekeringen of Belgium and Canal Re of Luxemburg.

Last July, Castel Underwriting Agencies subsidiary Castel Underwriting Europe signed an agreement with The Hartford to acquire the renewal rights for Navigators Europe.

The renewal rights agreement includes a book predominantly of Dutch marine cargo, inland hull, land-based equipment and liability business.