CNA To Buy Hardy Underwriting For $227 Million
CNA Financial Corporation have entered into an agreement to buy Hardy Underwriting Bermuda for $227 million.
Commenting on the Acquisition, Thomas F. Motamed, Chairman and Chief Executive of CNA said: “We are delighted to have reached this agreement. Hardy is a specialist insurer and reinsurer with a respected brand and a long and distinguished history of disciplined underwriting in the Lloyd’s market.
“While Hardy’s recent results reflect the extraordinary level of natural catastrophe losses across the global insurance industry, the Hardy franchise is built on a strong foundation and has a bright future. The proposed Hardy acquisition significantly expands CNA’s global capabilities and aligns well with our specialized underwriting focus.”
“Hardy and CNA share similar underwriting and management philosophies. We are pleased that Barbara Merry, Chief Executive, and Patrick Gage, Director of Underwriting, will continue to lead their outstanding team,” said Mr Motamed.
David Mann, Chairman of Hardy said: “Since announcing our strategic review in December 2011, a thorough and transparent process has been conducted. The interest shown in Hardy during the strategic review process demonstrates the underlying quality of Hardy’s business, people and franchise.
“CNA is a highly regarded insurer with an international presence and a strong reputation for delivering outstanding client service. The Board believes that CNA’s offer represents the most attractive outcome for our shareholders and will enhance Hardy’s business in the interests of our customers, partners and employees.”
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