ITT Hartford Insurance Group Abandons Merger Plans with Hooge Huys Verzekeringen N.V.

ITT Hartford Insurance Group, a unit of ITT Corp., has ended negotiations to merge with Hooge Huys Verzekeringen N.V., a Dutch insurance company. Although the two companies had announced their merger plans in September 1994, they were unable to reach a common ground. The decision to abandon the merger was made after significant effort to find a mutually agreeable solution. Both companies have solid financial positions and continue to maintain their competitive strength in the Dutch insurance marketplace.

Key Takeaways:

• ITT Hartford Insurance Group, a unit of ITT Corp., has ended negotiations to merge with Hooge Huys Verzekeringen N.V.
• The merger was announced in September 1994, but the two companies were unable to reach a common ground despite significant effort.
• Both Zwolsche Algemeene N.V. and Hooge Huys Verzekeringen N.V. have solid financial positions and competitive strength in the Dutch insurance marketplace.
• Zwolsche Algemeene N.V. has extensive property-casualty operations in the Netherlands and is the sixth largest auto insurer.
• Hooge Huys Verzekeringen N.V. has strong life insurance operations.
• ITT Hartford Insurance Group is a unit of ITT Corp., a multinational conglomerate with $23 billion in annual sales and over 100,000 employees.
• The company offers commercial property and casualty insurance, automobile and homeowners coverages, and a variety of life insurance, employee benefit, and asset management plans.

Statistics:

• $10.1 billion: ITT Hartford's 1993 revenues
• $23 billion: ITT Corp.'s annual sales
• 100,000+: ITT Corp.'s employees
• $10.1 billion / $23 billion: 1993 marketing share in comparison to sales
• 1993: ITT Corp.'s year of reported data

Sources:

• ITT Corp. (NYSE: ITT)
• ITT Hartford Insurance Group
• Zwolsche Algemeene N.V. (ITT Hartford Insurance Group's subsidiary)
• Hooge Huys Verzekeringen N.V. (subsidiary of Bouwfounds Nederlandse Gemeenten)