Property and casualty insurer The Hartford has announced a new operating model and organisational structure for its specialty commercial and middle market businesses following the completion of its pending acquisition of The Navigators Group.
The new model will integrate Navigators’ operations, as well as The Hartford’s current Specialty Commercial and Middle Market units, into two new businesses called Global Specialty and Middle & Large Commercial.
The Hartford agreed to acquire all outstanding common shares of Navigators in a transaction valued at $2.1 billion, or $70 per share, last August.
Changes to the operating structure will be implemented once the transaction closes in late March or April 2019, the insurer explained.
“We are pleased with our progress on the integration planning and excited about our growth opportunities post-close,” said Doug Elliot, President at The Hartford.
“The acquisition accelerates key strategic objectives for The Hartford by expanding our product offerings, risk appetite and geographic reach,” he continued.
“This go-to-market operating model will enable us to optimize our shared commitment to underwriting excellence, innovation and delivering value to our best-in-class distribution partners and their customers.”
The Hartford also announced that A. Morris Tooker, current head of Middle Market at The Hartford, has been appointed to lead Middle & Large Commercial, which will include national accounts, reporting to Elliot.
This business will focus on delivering workers’ compensation, general liability, auto liability and property insurance to mid-size and large businesses through retail agents and brokers.
It will comprise $2.7 billion of net written premiums and include industry verticals, program and captive businesses, and umbrella, excess and high-hazard general liability offerings.
Meanwhile, Vincent C. Tizzio, currently president of Navigators’ U.S. Insurance operation, will lead Global Specialty, reporting to Elliot.
This business will focus on delivering a variety of specialty products through retail and wholesale channels, and will include U.S. 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.
Additionally, M. Ross Fisher, currently head of Specialty Commercial at The Hartford, will take on the new role of property and casualty global chief underwriting officer, reporting to Elliot, while H. Clay Bassett, Jr., will continue to lead Navigators Reinsurance, reporting to Fisher.
Finally, The Hartford confirmed that Navigators’ CEO Stanley A. Galanski will continue in his position following the acquisition, assuming an executive advisory role during a transition period.
