Matt Lesser

State Senator Matt Lesser and Representative Kerry Wood Release Statement Following Possible Merger Between Chubb and the Hartford

Today, State Senator Matt Lesser (D-Newington), Chair of the Insurance & Real Estate Committee, and state Representative Kerry Wood, co-Chair of the Insurance & Real Estate Committee, released a statement regarding Chubb’s bid for property and casualty insurer The Hartford.

“The merger bid raises serious questions about whether a merger involving The Hartford would serve the public interest,” said Sen. Lesser. “The Insurance & Real Estate Committee is prepared to provide an extraordinary level of scrutiny and oversight. Our next step is to schedule oversight hearings to examine the potential impact on policyholders and the public. As committee chairs we have a duty to oversee Connecticut’s Insurance Department and all matters pertaining to the insurance marketplace; we also hold inherent subpoena powers and we are reviewing appropriate oversight options with legal counsel. I trust The Hartford board’s judgement in rejecting Chubb’s offer, but our concerns are only mounting as we look at the details of Chubb’s rejected bid.”

“When a 211-year-old Connecticut insurer is being considered for a takeover by an overseas entity, it’s our job as legislators to get to the bottom of how this affects consumers and our local job market,” said Rep. Wood. “I look forward to a fully transparent process that includes a hearing in front of our Insurance & Real Estate Committee in the upcoming weeks.”

The Hartford was given an unexpected offer from Chubb which valued the 211-year-old company at approximately $23 billion. The Hartford’s board of directors declined the offer.