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Hardy shareholders approve acquisition by CNA Financial


CHICAGO—Shareholders of Hardy Underwriting Bermuda Ltd. have voted to approve a proposed acquisition by CNA Financial Corp., CNA said on Thursday.

The $227 million purchase, which CNA said will further its specialty lines focus and give it access to the Lloyd's of London marketplace, was first announced in March.

Hamilton, Bermuda-based Hardy will maintain its own brand and its existing leadership team, CNA said.

“We are delighted to be moving ahead with the transaction,” CNA Chairman and CEO Tom Motamed said in a statement. “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.”

Subject to regulatory approvals, the acquisition is expected to close by the end of the second quarter.

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