CNA agress £143m deal for Hardy Underwriting
By BFN News | 02:19 PM | Wednesday 21 March, 2012
CNA Financial Corporation has agreed a £143m takeover of Hardy Underwriting Bermuda.
CNA said it had received irrevocable undertakings to vote in favour of the 280p per share offer from institutional shareholders in respect of a total of 10,518,735 common shares - approximately 20.57% of the issued share capital - plus another 4.43% of the company's shares held by Hardy directors.
CNA chairman and chief executive Thomas Motamed 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."
At 2:19pm: (LON:HDU) Hardy Underwriting Group share price was +72p at 277p
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