Source: The Hartford
Shares of the Hartford Financial Services Group surged more than 8% and were halted for volatility after Bloomberg News reported that fellow insurance firm Chubb has approached the company about a possible takeover.
Chubb’s approach was a preliminary move, it is possible that no deal is reached, according to the report.
Shares of Hartford last traded up nearly 9% for the session, while shares of Chubb were down slightly.
Chubb has a market cap of roughly $77 billion, nearly four times larger than Hartford.
Representatives from Hartford and Chubb did not immediately respond to a request for comment.
