(Bloomberg) — For Travelers Cos.' dealmaking Chief Executive Officer Jay Fishman, sometimes it's OK to let one get away.

Fishman said Tuesday that he opted against buying Chubb Corp., which agreed to be purchased by Ace Ltd. for more than $28 billion. The CEO, who built his company through mergers and acquisitions, said he's still interested in takeovers.

"We do keep looking at M&A opportunities, and when we believe there is a transaction that contributes to creating shareholder value, we'll make every effort to complete it," Fishman said in a conference call after reporting second- quarter results. "Our shareholders should expect that we are aware of the possibilities and that we are expert at evaluating them."

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