Chubb announced that it was reevaluating its options as a long-term investor in the Lloyd’s insurer Hiscox. Chubb currently has a 27-percent holding of Hiscox shares and had offered $3.087 a share, or $458 million, for the remaining Hiscox shares, prompting Hiscox’s withdrawal from negotiations. Chubb indicated it might sell or reduce its stake, which it acquired in 1998 for $3.3075 a share. Analysts have recently valued Hiscox at $3.38 and $4.41, and most believe a hostile takeover by Chubb unlikely given the number of shares the management of Hiscox holds.
Was this article valuable?
Here are more articles you may enjoy.
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
Kansas Man Sentenced for Insurance Fraud, Forgery From This Issue
