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Navigators Group Inc. President and CEO Stanley A. Galanski will step aside upon the close of Hartford Financial Services Group Inc.’s $2.1 billion acquisition of the specialty insurer, Hartford said Monday.
Mr. Galanski, who has led Navigators since 2003, will continue to serve as president and CEO through the completion of the acquisition, and then will continue in an executive advisory role for a transition period, Hartford said in a statement.
Hartford said its existing specialty commercial and middle market businesses will operate as Global Specialty and Middle & Large Commercial.
A. Morris “Mo” Tooker will head up the newly combined middle and large commercial business, which includes national accounts, and continue to report to Hartford President Doug Elliot, the company said.
Also reporting to Mr. Elliot, Vincent C. Tizzio, currently president of Navigators’ U.S. insurance operation, will lead Global Specialty, the statement said.
Middle & Large Commercial will comprise approximately $2.7 billion of net written premiums on a pro-forma basis, Hartford said. This retail business will offer workers compensation, general liability, auto liability and property insurance to midsize and large businesses, the statement said.
Global Specialty will account for around $1.9 billion in pro forma net written premiums and will offer a broad range of specialty products through retail and wholesale channels, including U.S. special insurance, international teams and surety and financial, according to the statement.
M. Ross Fisher, Hartford’s current head of Specialty Commercial, will become global chief underwriting officer for property/casualty, and continue to report to Mr. Elliot, Hartford said in the statement.
H. Clay Bassett Jr., will continue to lead Navigators’ reinsurance business in the new organization and report to Mr. Fisher.
Subject to regulatory approval, the acquisition is expected to close in late March or April.
Some 820 staff will join Hartford upon closing of the deal, which was announced in August 2018.
Hartford Financial Services Group Inc.’s proposed acquisition of Navigators Group Inc. will give Hartford a greater geographic and product reach, adding significantly to its commercial lines capabilities, according to both Hartford and insurance market analysts.