CHICAGO--(BUSINESS WIRE)--
Today, CNA Financial Corporation (NYSE: CNA) announced that Hardy
Underwriting Bermuda Limited (LSE: HDU) shareholders have voted to
approve CNA’s proposed acquisition of Hardy. The acquisition is expected
to close by the end of the second quarter, subject to regulatory
approvals.
“We are delighted to be moving ahead with the transaction,” said Tom
Motamed, chairman and chief executive officer, CNA. “Hardy is a
specialized Lloyd’s underwriter with a respected brand and a long
history of disciplined underwriting. The acquisition provides CNA with a
key platform for expanding our global business and accessing the $35
billion Lloyd’s marketplace.”
In March of this year, CNA announced that the boards of CNA and Hardy
had reached an agreement on the terms of an acquisition by CNA of Hardy.
Today’s shareholder vote was the next important step in the acquisition
process. Upon closing of the transaction, Hardy will continue to operate
under its own brand and its existing leadership team.
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.
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",
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CNA Financial as of the date of this press release. Further, CNA
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circumstances change.
CNA
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 -
Alan O’Sullivan,
+44 (0) 207-395-7017
Source: CNA