CNA Announces Approval from Hardy Shareholders on CNA Acquisition
April 26 2012 - 10:25AM
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.
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anticipated future events (forward-looking statements) rather than
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Forward-looking statements, by their nature, are subject to a
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Further, CNA Financial does not have any obligation to update or
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