CNA reaches agreement with Hardy board to acquire the business
US insurer CNA has acquired Hardy Underwriting for £143m in cash.
The directors of Hardy, a Lloyd's insurer and reinsurer, who have unanimously approved the deal, will recommend that shareholders in the company vote in favour of the sale at a special general meeting to be held in May 2012.
The acquisition is expected to be completed in June 2012. Hardy chief executive Barbara Merry and Patrick Gage, director of underwriting, will continue to lead the operation.
Thomas Motamed, chairman and chief executive at CNA, said: “We are delighted to have reached this
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