CNA Hardy, a UK specialist commercial re/insurer, has announced its decision to exit Property Treaty, Marine Hull and CAR/EAR business on the Lloyd’s platform. The lines had struggled to deliver consistent profitability despite improving market conditions.
Furthermore, Chief Underwriting Officer Patrick Gage has confirmed his departure from the company; he will remain until the end of the year to ensure stability and a smooth transfer of responsibilities.
Lloyd Tunnicliffe, Head of Property, will also be leaving the company at the end of the year.
“Our goal as an organisation is to generate profitable growth so that we can continue to deliver for our clients,” said Dave Brosnan, Chief Executive Officer, CNA Hardy.
“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.”
“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.”
Moving forward, CNA will shift from four to three business units. Its remaining Property business lines will merge with Marine and Energy creating a new Property, Marine and Energy unit led by Carl Day, who will work with Tunnicliffe through to the end of the year to ensure minimum disruption.
Specialty, led by Rhonda Buege and Casualty led by Craig Bennett remain unchanged.
“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,” added Brosnan.
“This will ensure that we continue to invest our resources in those areas where we can achieve critical mass and sell our value proposition.”
