CHICAGO--(BUSINESS WIRE)--
CNA Financial Corporation (“CNA Financial”) (NYSE: CNA) and Hardy
Underwriting Bermuda Limited (“Hardy”) announced today the successful
completion of CNA Financial’s acquisition of Hardy. CNA Financial paid
approximately $230 million to purchase Hardy. As a wholly owned,
indirect subsidiary of CNA Financial, Hardy will continue to operate
under its own brand and its existing leadership team.
The acquisition by CNA Financial of Hardy was approved by Hardy
shareholders in April 2012. Regulatory approvals for the transaction,
including from Lloyd’s and the UK Financial Services Authority, have
been obtained.
“We are delighted to have successfully and smoothly completed the
transaction,” said Tom Motamed, chairman and chief executive officer,
CNA Financial. “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.
“In addition, Hardy’s underwriting philosophy is very similar to ours.
We are very pleased that Barbara Merry, chief executive, and Patrick
Gage, director of underwriting, will continue to lead their outstanding
team.”
Merry said, “We are excited about joining a company with CNA’s history
of financial strength and insurance leadership. The strategic alignment
of our organizations provides a very strong foundation for mutual
success.” Merry went on to say, “I would like to take this opportunity
to thank 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.”
About CNA
Serving businesses and professionals since 1897, CNA is the country’s
seventh largest commercial insurance writer and the 13th
largest property and casualty company. CNA's insurance products include
standard commercial lines, specialty lines, surety, marine and other
property and casualty coverages. CNA's services include risk management,
information services, underwriting, risk control and claims
administration. For more information, please visit CNA at www.cna.com.
CNA is a registered trademark of CNA Financial Corporation.
Forward-Looking Statement
This press release may include statements which relate to anticipated
future events (forward-looking statements) rather than actual present
conditions or historical events. These statements generally include
words such as "believes", "expects", "intends", "anticipates",
"estimates", and similar expressions. Forward-looking statements, by
their nature, are subject to a variety of inherent risks and
uncertainties that could cause actual results to differ materially from
the results projected. Many of these risks and uncertainties cannot be
controlled by CNA Financial. For a detailed description of other risks
and uncertainties affecting CNA Financial, please refer to CNA
Financial's filings with the SEC, available at www.cna.com.
Any forward-looking statements made in this press release are made by
CNA Financial as of the date of this press release. Further, CNA
Financial does not have any obligation to update or revise any
forward-looking statement contained in this press release, even if CNA
Financial's expectations or any related events, conditions or
circumstances change.
CNA Financial Corporation
U.S. MEDIA:
Katrina Parker,
312-822-5167
Sarah J. Pang, 312-822-6394
or
ANALYSTS:
Marie
Hotza, 312-822-4278
David Adams, 312-822-2183
or
EUROPEAN
MEDIA:
Emma Kane, 020 7566 6738
Source: CNA Financial Corporation