Property and casualty insurer Chubb on Thursday offered to acquire smaller rival Hartford Financial Services Group in a $23.24 billion cash-and-stock deal.
Chubb’s $65 per share offer represents a premium of 13.2% to Hartford’s last close of $57.41.
Hartford earlier in the day said it received a takeover bid from Chubb, but did not disclose the financial details of the offer.
Chubb in its recent statement said it has not yet received a response from Hartford to its proposal, adding that even if a deal is agreed upon, its terms, structure, or timing cannot be assured.
A deal between The Hartford and Chubb would be the biggest in the sector since Aon’s $30 billion acquisition of Willis Towers Watson last year and the largest in the U.S. P&C insurance space since Chubb was created in its current form in January 2016.