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has confirmed reports of its involvement in negotiations to acquire British insurer



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Officials for Chubb admitted the insurance company had "made an approach" to Hiscox. The deal could include a cash offer by Chubb for about 73% of the Hiscox shares it doesn't already own.

Chubb, which is based in Warren, N.J., valued Hiscox at about $2.50 a share, or 170 pence, but that could change. Chubb ended

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trading up $1.44, or 2%, to $73.38.