CNA Announces Approval from Hardy Shareholders on CNA Acquisition
CHICAGO - Saturday, April 28th 2012 [ME NewsWire]
(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.
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", "estimates", and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA Financial. For a detailed description of other risks and uncertainties affecting CNA Financial, please refer to CNA Financial’s filings with the SEC, available at www.cna.com.
Any forward-looking statements made in this press release are made by CNA Financial as of the date of this press release. Further, CNA Financial does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA Financial’s expectations or any related events, conditions or circumstances change.
U.S. MEDIA -
Katrina Parker, 312-822-5167
Sarah J. Pang, 312-822-6394
Marie Hotza, 312-822-4278
David Adams, 312-822-2183
EUROPEAN MEDIA -
Alan O’Sullivan, +44 (0) 207-395-7017