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Hardy shareholders approve takeover by CNA

Hardy Underwriting Bermuda Ltd shareholders have voted to approve CNA Financial Corporation’s proposed acquisition of Hardy. The acquisition is expected to close by the end of the second quarter, subject to regulatory approvals.“We are delighted to be moving ahead with the transaction,” said Tom Motamed, chairman and chief executive officer, CNA. “Hardy is a specialised Lloyd’s underwriter with a respected brand and a long history of disciplined underwriting. The acquisition provides CNA with a key platform for expanding our global business and accessing the $35 billion Lloyd’s marketplace.”Last month CNA announced that the boards of CNA and Hardy had reached an agreement on the terms of the deal.Upon closing of the transaction, Hardy will continue to operate under its own brand and its existing leadership team.