CNA Hardy exits Lloyd’s property treaty/marine hull; senior duo departs
Specialist commercial insurer CNA Hardy has confirmed its plan to exit property treaty, marine hull and construction/erection all risks (CAR/EAR) business on the Lloyd’s platform.
According to the company, these lines have struggled to deliver consistent profitability even in light of improving market conditions. Together they represent a small component of the firm’s business.
In addition to this, CNA Hardy is moving from four to three business units. Its remaining property business lines will merge with marine and energy creating a new property, marine and energy business unit under the leadership of Carl Day.
Lloyd Tunnicliffe, head of property, and Patrick Gage, chief underwriting officer are leaving the company at the end of the year. The specialty unit will continue to be led by Rhonda Buege, and casualty by Craig Bennett.
“Our goal as an organisation is to generate profitable growth so that we can continue to deliver for our clients. To achieve that we must focus on building profitable books of business by keeping a sharp eye on the quality of our underwriting and on portfolio management,” said Dave Brosnan, CEO of CNA Hardy. “In tandem, we must also look at ways to enhance our productivity through greater efficiencies and alignment whilst taking advantage of the strengths and synergies that already exist across our business.”
Brosnan added: “We will use this as an opportunity to redeploy capital, resources and talent to build out our other products and industry specialisms to drive profitable growth. This will ensure that we continue to invest our resources in those areas where we can achieve critical mass and sell our value proposition.”
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