Hartford Financial announced it received an unsolicited, nonbinding proposal to be acquired by Chubb Ltd., AM Best reported. In a statement, Hartford said its board of directors is carefully considering the proposal with the assistance of its financial and legal advisers. “The board of directors,” it said, “is committed to acting in the best interests of shareholders over the long term.” An attempt to obtain comment from Chubb was not immediately successful. According to Bloomberg News, which first reported the offer, shares of Hartford Financial Services Group Inc. have doubled in the past year, giving it a market capitalization of $23 billion. Chubb was No. 8 in 2019 with $18.25 billion in net premiums written and Hartford was No. 12, with $11.88 billion in net premiums written, according to AM Best rankings of the top 200 property-casualty insurers