May 16, 2019
DEPARTMENT OF FINANCIAL SERVICES APPROVES THE HARTFORD ACQUISITION OF NAVIGATORS GROUP, EXPANDING NEW YORK STATE INSURANCE MARKETPLACE
Acting Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved an application by The Hartford Financial Services Group, Inc., a holding company for insurance and financial services subsidiaries, to acquire Navigators Insurance Company and Navigators Specialty Insurance Company, New York stock property and casualty insurance companies and global specialty underwriters.
“Today’s approval is a clear sign that New York is open for business, and that our property/casualty insurance market is thriving,” Acting Superintendent Lacewell said. “DFS works every day to ensure that New York consumers are protected and have access to the insurance products and services they need.”
The Hartford is one of the largest property/casualty insurance company groups in the United States, headquartered in Hartford, Conn. Navigators is headquartered in Stamford, Conn., and has offices in the United States, the United Kingdom, Continental Europe and Asia.
“We are pleased to have received the necessary regulatory approvals for our acquisition of Navigators,” said The Hartford’s Chairman and CEO Christopher Swift. “This acquisition is a significant milestone for our company and accelerates the achievement of key strategic objectives. We are excited about the growth opportunities this transaction provides as we expand our product offerings and global reach.”
The Hartford is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products, and mutual funds and exchange-traded products throughout the United States. A diversified specialty insurance company, The Navigators Group Inc., operates in the global marine and energy industry, as well as in the excess casualty and other specialty lines markets in the United States. Navigators also has underwriting operations in Europe, Asia, and Latin America.
DFS’s regulated entities include more than 1,400 insurance companies with assets of more than $4.3 trillion. DFS’s licensees include nearly 200 life insurance companies, over 1,100 property/casualty insurance companies, approximately 100 health insurers and managed care organizations, and over 300,000 insurance licensees.