CNA Financial Purchases Hardy Underwriting Bermuda [Health & Beauty Close – Up]

Proquest LLC

CNA Financial Corp. and Hardy Underwriting Bermuda Limited have announced the successful completion of CNA Financial's acquisition of Hardy.

CNA Financial reported that it paid approximately $230 million to purchase Hardy. As an indirect subsidiary of CNA Financial, Hardy will continue to operate under its own brand and its existing leadership team.

In a release, the companies said that the acquisition by CNA Financial of Hardy was approved by Hardy shareholders in April 2012, the Company noted. 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 CEO, 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."