Hardy's accepts £143m takeover offer from US rival

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The Independent Online

Hardy Underwriting, an insurer to Lloyd's of London, has accepted a £143m cash takeover offer from a US rival, in the latest bout of consolidation in the insurance and reinsurance sector.

CNA Financial has offered 280p a share for Hardy, which put itself up for sale in December after being hit by exposure to number of major natural disasters last year, including the Japanese tsunami.

Thomas Motamed, the chief executive of CNA, said: "While Hardy's recent results reflect the extraordinary level of natural catastrophe losses across the global insurance industry, the Hardy franchise is built on a strong foundation and has a bright future." He said that Hardy had a "distinguished history of disciplined underwriting in the Lloyd's market".