Hartford frustrated in bid to acquire
Hartford Financial Services Group Inc, the fourth-largest US insurer by assets, told Reuters it would like to acquire companies in North America but is finding it hard to identify willing sellers.
Hartford’s chief executive Ramani Ayer told the Reuters Finance Summit in New York on Monday that his firm is keen to buy in several product areas including the 401(k) retirement and group benefit sectors. Ayer said Hartford and other big insurers are keen to buy, but smaller players are reluctant to sell up.
„Partly, it is a willingness of sub-scale players to want to say ‘its time we rethought our long term strategy’,” said Ayer at the Reuters Summit. „It’s less (about) price - willingness is really the issue.” Ayer added: „People like their independence. They believe that they can acquire themselves.” (The full text at Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.