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.
Topics Chubb
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