A.M. Best Comments on Credit Ratings of the Navigators Group, Inc. Following Announced Sale
22 Agosto 2018 - 5:49PM
Business Wire
A.M. Best has commented that the Credit Ratings (ratings)
of The Navigators Group, Inc. (Navigators) (Delaware) [NASDAQ:NAVG]
and its subsidiaries remain unchanged following the announcement
that Navigators has entered into a definitive agreement to be
acquired by The Hartford Financial Services Group, Inc. (The
Hartford) (Delaware) [NYSE:HIG].
The definitive agreement is an all-cash transaction that values
the Navigators enterprise at approximately $2.1 billion. Under the
terms of the agreement, Navigators stockholders will receive $70.00
per share in cash upon the closing of the transaction. The
agreement includes a “go-shop” provision, where Navigators will
have an opportunity to solicit competing acquisition proposals for
30 days.
A.M. Best will continue to evaluate any developments relative to
Navigators’s or its subsidiaries’ ratings as additional details
regarding the transaction terms and integration plans become
available.
A.M. Best expects the transaction to close in the first half of
2019, subject to regulatory and stockholder approvals, and other
customary closing conditions.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20180822005700/en/
A.M. BestJonathan Harris, +1 908-439-2200, ext.
5771CFA, FRM, CPCUSenior Financial
Analystjonathan.harris@ambest.comorChristopher Sharkey, +1
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJacqalene Lentz, +1
908-439-2200, ext.
5762CPADirectorjacqalene.lentz@ambest.comorJim
Peavy, +1 908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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