The Hartford reveals new operating model post Navigators acquisition
US-based Hartford Financial Services Group has unveiled a new operating model and organisational structure that will be effective once it has finalised its acquisition of the Navigators Group.
The changes include formation of two new market-facing businesses, and appointment of a new property and casualty global chief underwriting officer.
Hartford is acquiring global specialty insurance holding Navigators in an all-cash transaction close to $2.1 billion. About 800 Navigators employees will join The Hartford when the deal is completed, which is expected in late March or April.
Navigators operations, along with The Hartford’s current specialty commercial and middle market businesses, will be aligned around two new market-facing businesses – global specialty and middle and large commercial. The insurer said these changes will help expand its product offerings, risk appetite and global reach.
A. Morris Tooker, currently head of middle market at The Hartford, will lead middle and large commercial, which will include national accounts, and continue to report to president Doug Elliot. This business will focus on delivering workers’ compensation, general liability, auto liability and property insurance to mid-size and large businesses. The middle and large commercial business will comprise approximately $2.7 billion of net written premiums on a pro forma basis, it said.
Vincent Tizzio, currently president of Navigators’ US insurance operation, will lead global specialty and report to Elliot. This business will focus on delivering a broad array of specialty products through retail and wholesale channels, and will include US specialty insurance and international teams. The surety and financial products businesses of The Hartford will become a part of global specialty, which will represent approximately $1.9 billion in net written premiums on a pro forma basis.
Ross Fisher, currently head of specialty commercial at The Hartford, will take on the new role of property and casualty global chief underwriting officer and continue to report to Elliot.
H. Clay Bassett, Jr. will continue to lead Navigators Reinsurance in the new organisation and report to Fisher.
Stanley Galanski, who has served as Navigators’ CEO since 2003, will continue to serve as president and CEO throughout the completion of the acquisition. Upon closing, he will assume an executive advisory role during a transition period. Under Galanski’s leadership, Navigators grew to become a global specialty insurer with strong positions in the global marine, specialty casualty, and management and professional liability markets.
“We are pleased with our progress on the integration planning and excited about our growth opportunities post-close,” said The Hartford’s president Elliot. “The acquisition accelerates key strategic objectives for The Hartford by expanding our product offerings, risk appetite and geographic reach. This go-to-market operating model will enable us to optimise our shared commitment to underwriting excellence, innovation and delivering value to our best-in-class distribution partners and their customers.”
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