CNA Hardy has said goodbye to property treaty, marine hull, and CAR/EAR (construction/erection all risk) on the Lloyd’s platform.
Effectively immediately, the specialist commercial insurer will no longer write the lines – which it said had struggled to deliver consistent profitability even amid improving market conditions – at Lloyd’s. According to CNA Hardy, the three classes combined represented a small component of the firm’s business.
Confirming the exit plans, the insurance company also announced the departure of chief underwriting officer Patrick Gage and head of property Lloyd Tunnicliffe. Both are leaving at the end of the year.
Meanwhile CNA Hardy’s remaining property business lines will be merging with marine and energy, with the created business unit headed by Carl Day. This means the firm will have three, instead of four, business units including casualty led by Craig Bennett and Rhonda Buege’s specialty.
“Our goal as an organization is to generate profitable growth so that we can continue to deliver for our clients,” stated CNA Hardy chief executive Dave Brosnan. “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 while taking advantage of the strengths and synergies that already exist across our business.”