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Insurer Chubb exploring deal to buy smaller rival Hartford Financial

© Reuters.

(Reuters) – Property and casualty insurer Chubb (NYSE:) Ltd is considering buying smaller rival Hartford Financial Services Group (NYSE:) Inc in a deal that would value the company at $21 billion, CNBC reported on Thursday, citing Bloomberg News.

Chubb, one of the world’s largest insurers, has made a preliminary takeover approach for Hartford, according to the report.

Chubb and Hartford did not immediately respond to a Reuters request for comment.

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