Chicago-based CNA Financial Corporation and Hardy Underwriting Bermuda Limited announced the successful completion of CNA’s acquisition of Hardy, which was approved by Hardy shareholders in April 2012.
The bulletin also said that “regulatory approvals for the transaction, including from Lloyd’s and the UK Financial Services Authority, have been obtained.” CNA paid approximately $230 million to purchase Hardy.
“As a wholly owned, indirect subsidiary of CNA, Hardy will continue to operate under its own brand and its existing leadership team,” said the announcement.
“We are delighted to have successfully and smoothly completed the transaction,” stated Tom Motamed, CNA’s chairman and CEO. “Hardy is a specialized Lloyd’s underwriter with a respected brand and a long history of disciplined underwriting. The addition of Hardy complements our deep expertise in specialized markets. With its access to the $35 billion Lloyd’s marketplace, Hardy will provide a solid platform for profitable growth and an attractive opportunity for CNA to deploy capital.”
He also noted that “Hardy’s underwriting philosophy is very similar to ours,” and that CNA is “very pleased that Barbara Merry, chief executive, and Patrick Gage, director of underwriting, will continue to lead their outstanding team.”
Merry indicated that CNA’s “history of financial strength and insurance leadership” would provide “a very strong foundation for mutual success” through the “strategic alignment of our organizations.”
She also thanked “Hardy’s shareholders for their support over the years and also to thank the Hardy team for their passion and commitment – we have a very strong culture and I am confident that our new parent will enable us to achieve our full potential in this exciting new chapter in our history.”
Source: CNA Financial
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