While the proposal and firm rejection did come as a surprise, John Iten, a director at S&P Global covering the domestic P&C insurance market, said in retrospect t the shock shouldn't have been as large given The Hartford's upper share level projections. (Credit: chase4concept/Shutterstock.com) While the proposal and firm rejection did come as a surprise, John Iten, a director at S&P Global covering the domestic P&C insurance market, said in retrospect the shock shouldn't have been as large given The Hartford's upper share level projections. (Credit: chase4concept/Shutterstock.com)

Less than a week after receiving it, The Hartford's board of directors unanimously rejected the unsolicited acquisition offer from Chubb Ltd. The deal was valued at $23 billion.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]