CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, has announced that its new Luxembourg-based subsidiary has successfully been assigned its ‘A’ long-term insurer financial strength rating by S&P Global Ratings with a stable outlook.
Stuart Middleton, CEO, Continental Europe, stated, “The ‘A’ long-term insurer rating by S&P Global Ratings demonstrates our company’s overall financial strength and is a positive statement for both our brokers and clients and will continue to build long term partnerships.”
CNA Hardy chose Luxembourg as the optimum jurisdiction for its European Union base due to its central geographic location, its stable economic and political environment and the professional approach of the Luxembourg regulator.
Dave Brosnan, CEO CNA Hardy said, “Our preparations for Brexit are on track and we remain firmly committed to developing our European operations. The Luxembourg move means we maintain our ability to write business across Continental Europe. Importantly, the transition will be a seamless process for our clients.”
With six branches across Europe, CNA Hardy writes property, casualty, marine and specialty business through its network of wholly owned offices and Syndicate 382, its Lloyd’s platform. Stuart Middleton is already based in Luxembourg and has recently appointed key senior management staff, including Bertrand Mohr, Chief Risk Officer and Amandine Motte, Chief Financial Officer, with more to follow. In August 2018 CNA Hardy also announced that its Luxembourg subsidiary has successfully been granted its Insurance Company Licence by the Commissariat Aux Assurances (CAA) in Luxembourg.